Word: hutzler
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Dates: during 1930-1939
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Last March the Manhattan firm of Salomon Brothers & Hutzler unceremoniously ditched this ancient underwriting tradition, marketed $43,000,000 of Swift & Co. bonds on a straight commission basis. Total selling cost for Swift & Co. was $172,000. Last week Salomon Brothers & Hutzler again startled their fellow bankers by selling $50,000,000 of 3½% Socony-Vacuum Corp. bonds for a commission of four-tenths of 1% or $200,000. Fortnight before, Kuhn, Loeb underwrote a $50,000,000 Pennsylvania Co. issue for 2 ½%?a relatively low "spread" for underwriting. Total cost...
Founded in 1910 by three Brothers Salomon, of whom two?Percy and Herbert?are still alive and at the head of the firm, Salomon Brothers & Hutzler has always been known largely as a dealer in Governments, municipals, high-grade corporate bonds, bankers acceptances, short-term paper. Because the late Arthur Salomon originally hoped to model his firm on the big London discount houses, advertisements are always signed "The Discount House of Salomon Brothers & Hutzler," though the term is almost meaningless today. Its bond and paper business keeps it in constant touch with banks and institutions, and the Socony issue...