Word: bros
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Dates: during 1970-1979
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...near failure that they have stopped or may soon be forced to stop doing business with the public. In addition to Dempsey-Tegeler, four are formally being liquidated: McDonnell & Co., Gregory & Sons, Baerwald & Deboer, and Amott, Baker & Co. The other five?Meyerson & Co., Fusz-Schmelzle & Co., Blair & Co., Orvis Bros. & Co., and Kleiner, Bell & Co. ?are headed for liquidation because of capital problems. A couple of the biggest firms in the business, while not in danger of extinction, are widely reported to be losing roughly $1,000,000 a month...
...Biggest Block. One morning last week Goodyear Tire & Rubber reported a marked decline in earnings. About noon, Salomon Bros, handled the sale and purchase of 1,184,300 shares of Goodyear-the largest block ever traded on the Big Board. Jay H. Perry, 35, the partner in charge of block trading' first got a call from a big Goodyear holder, who wanted to sell. The seller was eager to get out quickly as usual, but refused to accept less than the going market price. Perry made a deal to pick up the stock, and further decided...
Then Perry started phoning around to find buyers, but got commitments for only 20% of the stock. As a result, Salomon Bros, itself briefly had to hold onto 80% of the shares, tying up $23.5 million of its own capital. If the Goodyear shares tumbled just one point, Salomon Bros, stood to lose about $1,000,000. But with all the available shares off the market, the price steadied and, within an hour, the Salomon traders were able to sell the entire position at a profit. In addition, the firm collected brokerage fees from buyers and sellers alike...
...Salomon Bros.' individual traders, like Perry, have been known to commit as much as $150 million on a single Government bond deal, and it takes a certain kind of stomach and nervous system to withstand the pressure. According to Billy Salomon, the best traders are intuitive oddsmakers and could be just as proficient at gambling if that were their calling. Many of them, including Salomon and twelve other general partners, never went to college...
...rewards for risk-taking can be great. Last year Salomon Bros, partners got about a 30% return on their invested capital and had six-figure incomes. And in May, at the bottom of the bear market, all 900 employees collected a 60th-anniversary bonus of two weeks' salary...