Word: gruntal
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Dates: during 1980-1989
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...issue there was near unanimity. "There will be more layoffs," said Perrin Long, an analyst at Lipper Analytical Services, which studies securities firms. "The brokerages could run much leaner than they are now." Concurred Jack Barbanel, senior vice president of Gruntal & Co.: "The message is clear -- Wall Street is tightening its hatches." Long predicts that as many as 24,000 securities-industry employees will lose their jobs over the next twelve to 18 months -- and even that, he believes, is not enough. If Wall Street hopes to stay profitable in the troubled times ahead, Long thinks a safer number...
Politics is also playing a role in the stock surge. Says Ignatius Teichberg, a vice president at Gruntal & Co. brokerage firm: "The market will continue to rise because the investment community anticipates a Reagan victory in November." One reason for this is lingering faith among investment managers in an old rubric that says that stock prices usually rise during election years, but they climb higher and longer when the Republicans win than when the Democrats do. But the Dow industrials have not risen in the first year of a Republican Administration since 1925, after Calvin Coolidge was elected...
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