Word: millions
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Dates: during 1960-1969
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...Vechten Burger, managing partner of Manhattan's Pershing & Co., testified that his firm routinely handles stock orders from mutual funds for only 25% of the fee set by the Big Board, passes on 75% to other exchange members. Last year, he said, Pershing thus surrendered some $6.9 million of its $9.7 million take from mutual-fund and other institutional trading. Michael J. Heaney, a floor partner at the American Exchange, said he was "very happy" to buy and sell for the funds for 30% to 50% of the prescribed minimum fee. "I don't want the full commission...
...deal altogether. In 1963, in the course of a legal battle to regain voting rights on TWA stock that the airline's creditors had forced him to hand over to trustees, Hughes abandoned the suit rather than make a court appearance; he sold the stock for $546.5 million and ended his association with a company that had been among his most cherished assets. The best way to defeat Hughes seems to be to threaten him with the necessity of appearing in public...
Just over a year ago, Chairman Robert Elton Brooker of Montgomery Ward & Co. reached out for a major diversification in his effort to end Wards' long streak of low profits-and was rebuffed. Stockholders of Los Angeles-based MSL Industries Inc., with $116 million per year in sales of everything from industrial fasteners to electronic components, rebelled at fusing their young manufacturing company with a troubled old retailer. Last week Brooker found another possible partner, and this time his prospects looked a lot brighter...
Directors of Wards and Container Corp. of America, the largest U.S. producer of paperboard packages (1967 sales: $463 million) agreed to wrap their fortunes in the same carton by forming a holding company. With Brooker, 63, as chairman and chief executive, and Container Corp. President Leo H. Schoenhofen, 53, as president, the holding company would run both firms as autonomous subsidiaries retaining their own identities. Stockholders of both companies still must approve the combine, but Brooker cannily concocted a deal so sweet that Container shareholders, at least, should find it hard to spurn...
...years-a security that analysts figure could be sold immediately for a tidy profit. Wards' stockholders can swap only one share of Wards for one of holding-company common stock, but they have a strong incentive to do so. Container Corp.'s profits of $32.9 million last year were almost double those of Wards, which netted only $17.4 million despite near-record sales of $1.88 billion...