Word: fenner
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...system itself has been dubbed "people's capitalism." It is fitting indeed that that title was invented by the Wall Street-based brokerage house that is most responsible for selling common stocks to the common man. Its corporate title is already part of American folklore: Merrill Lynch, Pierce, Fenner & Smith...
...Name's the Same. After Merrill's death in 1956, the firm name changed again. Since, because of death or departure, no more Beanes had an interest in the company, the title of Merrill Lynch, Pierce, Fenner & Beane became Merrill Lynch, Pierce, Fenner & Smith. This honored Winthrop H. Smith, who had risen from office boy to operating manager. Three years later, in 1959, the firm made an even more significant switch. Anxious to keep its capital stable even if partners died or retired, Merrill Lynch incorporated itself, with McCarthy as president. One of the key stockholders...
...company was about to borrow $75 million, through an offering of convertible debentures, to help finance the production and sale of its growing volume of planes. With the falling stock prices creating the prospect of unfavorable terms for the debentures, a group of underwriters led by Merrill Lynch, Pierce, Fenner & Smith last week postponed the issue from this week to next...
...Bache & Co. Inc., which stands second in size ($90 million gross) to Merrill Lynch, Pierce, Fenner & Smith ($227 million) among U.S.'s brokerage firms, desks are decorated with a motto of the house: "Learn to listen." The man that Bache's 5,000 employees are expected to listen to most intently is Chairman Harold L. Bache, 71, whose granduncle founded the firm 87 years ago. Last week, after Bache President Adrian C. ("Ace") Israel, 50, suddenly resigned because of "a basic disagreement over corporate policy," Wall Streeters were saying that the real reason was that Israel had found...
...almost immediate result, Merrill Lynch, Pierce, Fenner & Smith boosted its rates for margin loans from 6½% to 6¾% for small investors and from 5¾% to 6% for big ones. Most important, from Wall Street's viewpoint, tight money has made bonds more attractive than at any time since 1921. Many a $1,000-par medium-grade corporate bond is selling close to $900 and yielding about 6% ; some tax-free municipal bonds pay interest of 4%, which is as good as an 8% stock dividend return to an investor in a high-tax bracket. The current...