Word: dreyfuses
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...related controversies are involved. First, should the exchange admit the mutual funds and other increasingly dominant institutions that are clamoring for membership? And should the exchange end its fixed commission rates, at least on large trades? Subsidiaries of both the Dreyfus Corp. and Investors Diversified Services, managers of the nation's two largest mutual funds, have applied for exchange membership, which would save them millions of dollars a year in commissions. IDS has threatened antitrust action if its bid is denied...
...TIME'S reporter-researchers are by no means bound to the book stacks. Manhattan's corporate enclaves are as much the beat of Business section staffers ; they are of any newsman. Nancy Jalet's familiarity with Wall Street as instrumental in convincing the editors that the Dreyfus Fund's Howard Stein was the man to feature in our cover story on the securities industry; similarly, Sue Raffety, whose special area is advertising, noticed that Madison Avenue seemed to be harping on one theme, "getting it all together," and put that together for story, "All Together...
...serious internal office problems and questions of propriety developed as a result of Mr. Burns' conduct." Later, Seymour said he meant that Burns was "overenthusiastic" in his pursuit of polluters. Mild-mannered and bespectacled, Burns has become the center of a controversy that one militant conservationist calls "the Dreyfus case of pollution...
Last week Dreyfus Corp., the independent mutual-fund giant, applied for membership on the New York Stock Exchange. The action was intended to force the exchange's governors to make an embarrassing choice: either admit Dreyfus or explain why member brokers should be allowed to run their own mutual funds. Paradoxically, Dreyfus Chairman Howard Stein (TIME cover, Aug. 24) is a strong opponent of institutional membership. But he explained last week: "If the brokers are to be allowed to compete with the institutions, then the institutions must not work under a financial handicap...
...that the brokers' entry into the mutual-fund business raises grave questions of conflict of interest. One reason: brokers may be tempted to "churn" the portfolios of their own mutual funds-that is, buy and sell excessively in order to earn commissions. Last week's move by Dreyfus is not so much aimed at compelling the exchange to allow mutual funds to go into the brokerage business, as forcing the brokerages out of the mutual-fund business...