Word: fenner
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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...
...investors. They make it hard for the investor to get new issues unless he is a longtime customer. White, Weld & Co.-along with many other top-grade firms-refuses to open new accounts for people who want to buy only new issues. Other firms, such as Merrill Lynch, Pierce, Fenner & Smith, refuse to buy unlisted stocks priced below $2 for customers. The best brokerage firms also require a customer buying a questionable stock to confirm that the stock purchase was unsolicited...
...Michael William McCarthy, 57, president of Merrill Lynch, Pierce, Fenner & Smith, the nation's largest brokerage firm, was named chairman and chief executive officer, filling the vacancy left by Winthrop H. Smith, who died last January. Trained in the grocery trade, McCarthy joined Merrill Lynch in 1940 to straighten out the firm's accounting and order-processing operations, then in a tangle because of merger with other firms using different procedures. To prepare, he worked in every department, then successfully tackled the tangles, moved up to a general partnership in 1944. The new president: George J. Leness...
Died. Winthrop Hiram Smith, 67, who started in 1916 as a $7-a-week runner for the fledgling brokerage firm of Merrill Lynch & Co., fashioned the company's 1940 merger with E. A. Pierce, its 1941 merger with Fenner & Beane, and in 1958 finally got his own name on the door of the world's largest international investment house as the directing partner, becoming board chairman a year later; of Parkinson's disease; in Litchfield, Conn. Modest but shrewd, Smith brought Main Street to Wall Street by directing a massive advertising drive aimed at turning middle-income...
Digitronics designed an earlier version of the Alcoa machine for Merrill Lynch, Pierce, Fenner & Smith, world's biggest brokerage house. The Digitronics machine takes customers' bills as they come in on magnetic tape from Merrill Lynch's International Business Machines' computer, translates them to teletype tape for sending to the 130 branch offices for collection. Bache & Co. has two converters: one sends bills, the other translates orders and office accounting data coming in on teletype into computer language. In the first year, Merrill Lynch, which paid $120,000 for the machine, saved...