Word: moneymen
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...markets fluttered, analysts and investors turned once more to their favorite sport: watching the Federal Reserve Board's every move. The policymaking Open Market Committee is due to meet early this week to review the state of the economy and set interest-rate guidelines, and many moneymen fear that it will tighten up rates because of the first quarter's strong growth. Federal Reserve Chairman Paul Volcker conceded last week that the economy is facing a "critical period...
...moneymen who worked on the merger have been major winners too. Salomon Bros, and Merrill Lynch, Gulfs advisers, will split $46 million in fees. Morgan Stanley, Socal's investment banker, has received $1 million so far, and will be paid $15.5 million more when more than half the Gulf shares are acquired. And Bank of America, which arranged a $14 billion credit line to finance the buyout, will collect $500,000 for that service...
...city moneymen reach across state lines in search of the choicest markets...
American financial institutions, however, are now going national. Despite laws like the 1927 Pepper-McFadden Act, which forbids banks to set up branch offices outside their home states, moneymen are spreading out from coast to coast. New financial supermarkets such as Sears and Shearson/American Express are offering a wide variety of banking services, and traditional firms, ranging in size from San Francisco's BankAmerica (assets: $124 billion) to General Bancshares of St. Louis ($1.8 billion), are roaming far outside their old territory. Consumers are likely to reap better services and lower prices from the resulting competition...
...Wall Street, investors went on a binge that pushed volume on the New York Stock Exchange to an alltime one-day high. Moneymen had been expecting a year-end rally, but it never materialized. Then the bull market came roaring out of its pen as if it were bent on starting another rampage. Said William LeFevre, a market strategist with Purcell, Graham & Co.: "This was the week investors stopped looking at higher interest rates and started looking at corporate earnings." Trading on Thursday reached 159.99 million shares, well above the old mark of 149.35 million set two days after...