Word: fenner
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Predictably, Wall Street's leading investment educator is its biggest firm, Merrill Lynch, Pierce, Fenner & Smith Inc., whose representatives last year made 6,524 appearances before 215,798 people-a 33% increase over 1966. Audiences range from corporation employees to social-club gatherings. This spring, vacationers aboard Grace Line's Caribbean cruise ships will find a Merrill Lynch lecturer on hand. The firm's representatives work with department stores to give women a combination stock market education and fashion show; one of the gimmicks used is a dress made of material with a stock-certificate pattern...
...human nature changes. But responsible men have begun to worry. Both Funston and American Exchange President Ralph Saul have warned their member brokers not to abet ill-advised speculation; in some cases the exchanges have stopped trading in risky stocks temporarily or require 100% margin. Giant Merrill Lynch, Pierce, Fenner & Smith recently dusted off an advertisement that reminds investors that Wall Street runs two ways. Securities & Exchange Commission Chairman Manuel F. Cohen has his investigators scrutinizing for possible fraud 45 companies whose stock is actively traded; previously the Government had secured indictments against 22 brokers, bankers, lawyers and businessmen...
...Fenner & Smith, the nation's largest brokerage house, "where we just can't get our hands on the securities we buy and sell...
...Your description of Merrill Lynch, Pierce, Fenner & Smith as "part of American folklore" is more apt than you probably intended. Apparently even TIME has fallen for the myth that Merrill Lynch pays salesmen salaries rather than commissions (not true-compensation is directly related to production) and that it doesn't sell mutual funds because of a possible conflict for research ideas between mutual funds and individual customers (reality: customers' balances diverted into mutual funds are no longer available to salesmen...
...firm never really recovered. While some of the old partners spent 20 years or more honorably paying off their debts from the Kreuger fiasco, the reorganized firm could never rustle up enough cash for the computers and research staffs to compete with such giants as Merrill Lynch, Pierce, Fenner & Smith-or, on a somewhat smaller scale, Hayden, Stone. Says Hayden, Stone Chairman Alfred J. Coyle, they "couldn't make the costly effort we make in research-the only way a firm can supply the services customers want...