Word: mayday
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...both 28, to Oglala with warrants for the arrest of the other three. The agents headed toward a hamlet down a dirt road flanked at the end by 20-ft.-high rocky banks. Indians apparently opened fire on the car from both sides. Coler and Williams radioed a desperate Mayday call and succeeded in turning the car around, but could not get away. Their assailants apparently dragged both men-by then presumably dead-from the car, stripped them of their belongings and shot them in the back of the head...
Record Profit. Unfixed commissions had been resisted by much of Wall Street for years, and their May 1 advent had been ominously labeled "Mayday" (TIME, April 28). Yet Mayday came and went with few surprises. Some firms raised commissions to small investors. Merrill Lynch, Pierce, Fenner & Smith, the industry's leader, increased rates an average of 3% on orders of up to $5,000. But Blyth Eastman Dillon held commissions at present levels for small investors, trimmed them by 8% or more on larger deals for institutional clients. Bargain brokers popped up; one advertised commission cuts...
Lean and Hungry. Yet for all the fear that precedes it, Mayday could well prove to be, at least for the moment, a massive "non-event." Commissions draw less attention from customers in strong markets, when heavy trading generates healthy incomes for brokers. More significant, Wall Street is tougher and more efficient than it was a few years ago, when poor market conditions heightened the dread of losing the crutch of fixed commissions. In the early '70s, for example, many sloppily managed firms were driven out of business because they were not automated enough to handle swelling trading volume...
...knows what shape Wall Street will be in after six months or a year of negotiated commissions. If trading volume turns down, price wars could still drive many small firms out of business or into merger. As of now, brokers are guarding their post-Mayday plans as if they were state secrets. All eyes are on the securities industry's General Motors-Merrill Lynch, Pierce, Fenner & Smith...
...services such as maintaining certain kinds of records, sending out market letters or investment advice. Charges for at least some of these services were buried in the old fixed commissions. If Merrill Lynch does unbundle, the rest of the industry is sure to follow. The one certainty about Mayday is that brokers and investors will change the ways in which they do business. The three major changes...