Word: lufkin
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Dates: during 1960-1969
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Public ownership has been studied and restudied ever since Merrill Lynch suggested the idea in 1963. The issue was brought to a boil in May, when Donaldson, Lufkin & Jenrette, an aggressive company that specializes in institutional business, needed new sources of capital to finance expansion, and announced that it was willing to quit the exchange in order to go public. Since then, Chairman Daniel J. Cullen of Walston & Co. has said that his firm will go public if the exchange approves. Members of regional exchanges have also started pressing for permission to sell stock...
Haack is no defender of the tradition of setting commissions so high that they enable even inefficient brokerage houses to make money and the most efficient ones to make barrels of it. Donaldson, Lufkin & Jenrette, a house that specializes in institutional orders, has consistently had a profit margin of 50% before taxes under this system. Individuals can make more money with less work on Wall Street than almost anywhere else in the economy. Some neophyte brokers earn commissions at a $50,000 annual rate within six months after graduating from a training course, and veterans fairly commonly make...
Besides that, it would be desirable to open the "exchange community" to the new ideas that new brokerage owners would bring, and to let the public share in Wall Street's profits. Donaldson, Lufkin is threatening to leave the exchange if the constitution is not changed to let it go public (TIME, May 30). Haack seems sympathetic, but he predicts that a forthcoming vote on public ownership among the exchange's seat holders will be "close...
...Lufkin, the 37-year-old chairman of Donaldson, Lufkin and a Big Board governor, is pressing the other 32 governors to approve a change in the constitution, which would then have to be voted on by the 1,366 exchange-seat holders. The exchange has called for a committee report by July 17, and will seek the SEC's opinion. Lufkin does not intend to be put off. His firm's prospectus declares bluntly that if the constitution is not amended, Donaldson, Lufkin will go public anyway. If the stock exchange then drops it from membership, the firm...
...explanation lies in the injuries B.C. has sustained. Cuniff, Dyer, and Moylen are all hurt, along with defensemen Woodie Johnson and Tom Lufkin...