Word: firmed
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Dates: during 1960-1969
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...their frequent guests were greeted by smiling "hello-okays" from the hamlet's neatly dressed children. Ap Quang Nam's market bustled with black-pajama-clad women, hunkered down to argue prices. One band of men and women sifted gravel to sell to a Danang construction firm-the village's latest self-help project. Each day Navy medical corpsmen held a clinic for boils and bruises, passed out soap, administered an occasional injection...
Nearly everybody in the U.S. who shops in big retail chain stores, goes to the movies or flies by airline, sooner or later encounters the handiwork of that prestigious Manhattan partnership, Lehman Bros. The 116-year-old firm not only provides much of the money that finances these and other U.S. industries, but has spread out to become a diversified department-store of high finance. This week Lehman (pronounced Leeman) will reach across the Atlantic Ocean: as co-managers with London's N.M. Rothschild & Sons of a consortium of 68 international banking concerns, Lehman will put on sale...
...baroquely ornamented eleven-story headquarters at No. 1 William Street, a discreet short block away from Manhattan's Wall Street, are well past today's popular business retirement age. The presiding patriarch, Robert ("Bobby") Lehman, spare and spry at 73, controls the major part of the firm's capital, operates out of a jewel-box-sized office with just enough wall space for six small paintings from his $100 million private collection.* Though he concentrates on picking promising youthful talent, Lehman's outstanding recent personnel acquisition is General Lucius Clay, 68, who joined the firm after...
Lehman's 25 other partners-many of them still in their 30s or early 40s-also serve as management consultants, economic forecasters and raisers of venture capital. Last year the firm arranged $604 million worth of corporate mergers, sold $946 million of securities by privately placed financing, and marketed $1 billion in municipal bonds. Top Lehmanites gather daily in what must be one of the New World's most Old World corporate dining rooms, savor epicurean food prepared by a former chef of Le Pavilion restaurant. There they discuss ice-breaking new ways of investing-and making-money...
...Rich Mix. In the mixing process, Lehman's partners have enriched both their clients and their firm. When Charles ("Tex") Thornton and several associates quit Hughes Aircraft in 1953 to acquire Litton Industries, Lehman raised $1,500,000 for them. In return, the firm got 75,000 shares of Litton stock-for 100 to $1 a share. Last week, after three splits and seven stock dividends, each of those 75,000 shares was worth $737-though the firm has by now sold some of them. Lehman has also enhanced its growth and prestige by creating two of the largest...