Word: fenner
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Despite the press estimates of Hughes' wealth, the exact amount is a matter of considerable confusion. Lawyers for the estate filed appraisals in Houston and Las Vegas courts last March declaring it to be worth only $ 169 million. They included an evaluation by Merrill Lynch Pierce Fenner & Smith stating that Hughes' two main holdings, the Summa Corp. and the Hughes Television Network, were worth $110.8 million. Of the total, they said, $87 million should be set aside to cover costs of lawsuits pending against Hughes interests...
Recently Merrill Lynch Pierce Fenner & Smith predicted that the U.R.W. would win a 41% wage-and-benefits increase over three years. If that happens, the brokerage firm calculates, tire prices will rise 6% this year and 3% in each of the next two years. The Interstate Commerce Commission last week approved a 6% increase in freight rates that truck lines had requested in anticipation of a fat Teamsters contract; the truckers are expected to ask for another 7% to 8% next year. The C.P.I, rose at an annual rate of only 2.4% in March, but nobody expects the rate...
Hills concedes that any change in 394 must be done carefully, but does not believe its abolition would mean the end of the N.Y.S.E. Even in advance of any change in the rule there are already signs of a trend away from the floor. Merrill Lynch, Pierce, Fenner & Smith, the nation's largest broker, is on the verge of starting a plan under which it would trade odd-lot orders (those for fewer than 100 shares) in its own offices. That would save odd-lot buyers and sellers an eighth of a point price differential that they must...
Record Profit. Unfixed commissions had been resisted by much of Wall Street for years, and their May 1 advent had been ominously labeled "Mayday" (TIME, April 28). Yet Mayday came and went with few surprises. Some firms raised commissions to small investors. Merrill Lynch, Pierce, Fenner & Smith, the industry's leader, increased rates an average of 3% on orders of up to $5,000. But Blyth Eastman Dillon held commissions at present levels for small investors, trimmed them by 8% or more on larger deals for institutional clients. Bargain brokers popped up; one advertised commission cuts...
...trading volume turns down, price wars could still drive many small firms out of business or into merger. As of now, brokers are guarding their post-Mayday plans as if they were state secrets. All eyes are on the securities industry's General Motors-Merrill Lynch, Pierce, Fenner & Smith...