Word: fenner
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Dates: during 1960-1969
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...system itself has been dubbed "people's capitalism." It is fitting indeed that that title was invented by the Wall Street-based brokerage house that is most responsible for selling common stocks to the common man. Its corporate title is already part of American folklore: Merrill Lynch, Pierce, Fenner & Smith...
...company was about to borrow $75 million, through an offering of convertible debentures, to help finance the production and sale of its growing volume of planes. With the falling stock prices creating the prospect of unfavorable terms for the debentures, a group of underwriters led by Merrill Lynch, Pierce, Fenner & Smith last week postponed the issue from this week to next...
...Bache & Co. Inc., which stands second in size ($90 million gross) to Merrill Lynch, Pierce, Fenner & Smith ($227 million) among U.S.'s brokerage firms, desks are decorated with a motto of the house: "Learn to listen." The man that Bache's 5,000 employees are expected to listen to most intently is Chairman Harold L. Bache, 71, whose granduncle founded the firm 87 years ago. Last week, after Bache President Adrian C. ("Ace") Israel, 50, suddenly resigned because of "a basic disagreement over corporate policy," Wall Streeters were saying that the real reason was that Israel had found...
...almost immediate result, Merrill Lynch, Pierce, Fenner & Smith boosted its rates for margin loans from 6½% to 6¾% for small investors and from 5¾% to 6% for big ones. Most important, from Wall Street's viewpoint, tight money has made bonds more attractive than at any time since 1921. Many a $1,000-par medium-grade corporate bond is selling close to $900 and yielding about 6% ; some tax-free municipal bonds pay interest of 4%, which is as good as an 8% stock dividend return to an investor in a high-tax bracket. The current...
...Rising volume means rising commissions for them, and they have been flocking abroad to get in on the action. Since 1959 the number of U.S. brokerage branches has jumped from zero to twelve in Germany, 15 to 19 in Britain, and seven to 20 in France. Merrill Lynch, Pierce, Fenner & Smith has increased its outposts from none in 1951 to 17 today, and Bache & Co. now has 16 offices in Mexico City, Tokyo, Beirut, Hong Kong, and a dozen European cities. Also spreading overseas are Dean Witter; Fahnestock; Harris, Upham; Smith, Barney, and scores of other brokers. In addition...