Word: fenner
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
...human nature changes. But responsible men have begun to worry. Both Funston and American Exchange President Ralph Saul have warned their member brokers not to abet ill-advised speculation; in some cases the exchanges have stopped trading in risky stocks temporarily or require 100% margin. Giant Merrill Lynch, Pierce, Fenner & Smith recently dusted off an advertisement that reminds investors that Wall Street runs two ways. Securities & Exchange Commission Chairman Manuel F. Cohen has his investigators scrutinizing for possible fraud 45 companies whose stock is actively traded; previously the Government had secured indictments against 22 brokers, bankers, lawyers and businessmen...
...Fenner & Smith, the nation's largest brokerage house, "where we just can't get our hands on the securities we buy and sell...
...Your description of Merrill Lynch, Pierce, Fenner & Smith as "part of American folklore" is more apt than you probably intended. Apparently even TIME has fallen for the myth that Merrill Lynch pays salesmen salaries rather than commissions (not true-compensation is directly related to production) and that it doesn't sell mutual funds because of a possible conflict for research ideas between mutual funds and individual customers (reality: customers' balances diverted into mutual funds are no longer available to salesmen...
...firm never really recovered. While some of the old partners spent 20 years or more honorably paying off their debts from the Kreuger fiasco, the reorganized firm could never rustle up enough cash for the computers and research staffs to compete with such giants as Merrill Lynch, Pierce, Fenner & Smith-or, on a somewhat smaller scale, Hayden, Stone. Says Hayden, Stone Chairman Alfred J. Coyle, they "couldn't make the costly effort we make in research-the only way a firm can supply the services customers want...
...Name's the Same. After Merrill's death in 1956, the firm name changed again. Since, because of death or departure, no more Beanes had an interest in the company, the title of Merrill Lynch, Pierce, Fenner & Beane became Merrill Lynch, Pierce, Fenner & Smith. This honored Winthrop H. Smith, who had risen from office boy to operating manager. Three years later, in 1959, the firm made an even more significant switch. Anxious to keep its capital stable even if partners died or retired, Merrill Lynch incorporated itself, with McCarthy as president. One of the key stockholders...