Word: fenner
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...breather to dig into its massive paperwork pileup. Despite Wednesday trading recesses, which will continue at least for the rest of the month, the problem of undelivered securities and accounting confusion remains so severe that two organizations last week took drastic steps to overcome it. Merrill Lynch, Pierce, Fenner & Smith, the largest U.S. securities firm, imposed a "house rule" forbidding its salesmen to sell over-the-counter stocks for customers unless they first have physical possession of the certificates involved. The National Association of Securities Dealers, a trade group which polices the over-the-counter market, drafted a similar rule...
...several brokerage firms have begun taking direct action to cool the speculative fervor. E. F. Hutton & Co. announced that it will forbid its salesmen to solicit orders to buy stocks selling for less than $5 a share and will allow them no commission on such orders. Merrill Lynch, Pierce, Fenner & Smith, the nation's largest securities concern, said it plans to increase restrictions on margin accounts...
Entranced by Tomorrow. "Investors are looking for the Xeroxes of tomorrow," explains Raymond Kiernan, vice president for over-the-counter trading at Merrill Lynch, Pierce, Fenner & Smith. As a result, much of the new-issue surge involves computer soft ware and leasing companies, whose prospects for future growth entrance many buyers. Last month Advanced Computer Techniques Corp. soared from $7.50 to $29 a share the day it was issued. Underwriters are still gasping over the performance of Educational Computer Corp., a manufacturer of teaching devices. From an offering price of $7.50 on March 7, the company's stock...
Modern corporations usually make it a practice to prepare carefully for any change in command. But few are as forehanded as Merrill Lynch, Pierce, Fenner & Smith, the Thundering Herd of Wall Street. The biggest brokerage house in the world, with 170 offices and a $369,443,000 annual business with 914,000 active customers, Merrill Lynch announced last week that it was beginning to transfer leadership of the Herd to a group of executives who have been on the street only since World War II. The heir apparent for the top job has not only been grooming...
Died. Harold L. Bache, 73, chairman and chief executive officer since 1945 of Bache & Co., Inc., world's second largest brokerage house (after Merrill Lynch, Pierce, Fenner & Smith); of an apparent heart attack; in Manhattan. Bache started out in 1914 running trade messages for $1 a day, rose through the cotton and wheat pits to the top of his granduncle's 89-year-old brokerage house, which he expanded from 48 to 124 branches and turned into the top dealer in both commodities and mutual funds...