Word: fenner
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Dates: during 1960-1969
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Michael W. McCarthy, chairman, Merrill Lynch, Pierce, Fenner & Smith...
...fallen sharply because there are no engagement announcements to alert them to prospects. The lack of job promotion news is making it hard for insurance agents to find prospects. And the scarcity of financial news has cut brokers' commissions by as much as 15% at Merrill Lynch. Pierce, Fenner & Smith, the world's biggest brokerage house. For those who depend almost entirely on advertising, such as apartment operators, the strikes have been even worse; sales of cooperative apartments in New York are off as much...
...reason was clear. Small investors, bruised in Wall Street's Blue Monday crash, were warily staying away from the market. At Reynolds & Co.'s Chicago branch, business was down almost 50% from June, and the same was true for Merrill Lynch, Pierce, Fenner & Smith in Los Angeles. Said James Love, manager of Kidder, Peabody & Co.'s San Francisco branch: "If we were dealing with ten people eight months ago, seven of them have quietly disappeared...
...shop for blue-chip bargains. Monday night, Boston Investment Counselor Garfield Drew, the champion of the Odd Lots Theory (TIME, March 31, 1961), rushed out 4,500 telegrams urging purchases of such hard-hit issues as Polaroid, Xerox and American Machine & Foundry. On Wall Street, mighty Merrill Lynch, Pierce, Fenner & Smith sent out a "Buy Flash"; so did Paine, Webber, Jackson & Curtis, E. F. Hutton, Francis I. du Pont, and other influential brokerage houses. The long-distance wires hummed from Minneapolis, where the nation's biggest mutual fund group, Investors Diversified Services, was placing orders for $20 million worth...
Last week, as the stock market staged the year-end rally that has occurred every December since 1897, employees of U.S. brokerage firms had good reason to stage a rally themselves-around their Christmas trees. The nation's biggest brokerage house, Merrill Lynch, Pierce, Fenner & Smith Inc., gave 7,900 of its employees bonuses totaling $10.9 million, 55% more than last year. Elsewhere on the street, in reflection of the New York Stock Exchange's first billion-share year since 1929, employee bonuses ranged from a piker's minimum of one week's salary...