Word: fenner
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Michael W. McCarthy, chairman, Merrill Lynch, Pierce, Fenner & Smith...
...spirit within business which bodes well for 1963 and into 1964," says Inland Steel Chairman Joseph L. Block, 60, whose family-founded company is the most profitable major producer in the nation's least profitable big industry. Michael W. McCarthy, 60, chairman of Merrill Lynch, Pierce, Fenner & Smith, seems pleased that "the economy has confounded a lot of experts"-and well he might be; his brokerage house, the nation's largest, has profited mightily by the stock market's 34% rise since last June. The only real concern that businessmen seem to have is about what lies...
...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...