Word: nuveen
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Dates: during 1960-1969
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...major firms have run into severe difficulties. Heavy losses in both stocks and bonds last month forced Nuveen Corp. to arrange a major infusion of capital from Paul Revere Life Insurance Co. Nuveen had to resign its memberships in both the New York and American Stock Exchanges, which prohibit member firms from borrowing more than 25% of their capital from the outside. Though Nuveen plans to continue its brokerage activity through the Midwest Exchange, which has more lenient rules, the firm has laid off some 10% of its 450 employees. Meanwhile, McDonnell & Co., beset by financial and operating problems, recently...
...York Stock Exchange capital requirements, McDonnell & Co. went so far as to sell one of its three seats on the Big Board. The sale brought only $375,000, which represented a $140,000 drop in seat prices since April. Other Wall Street firms that have had capital difficulties include Nuveen and First Hanover Corp...
...John Nuveen & Co., one of the nation's largest municipal bond houses, was negotiating for the purchase of Arthur Wiesenberger & Co., a New York Stock Exchange member firm whose founder, now 70, went into the business in 1938 after a colorful career as an author on merchandising (one of his books: Merchandising Bargain Basements). For Chicago-based Nuveen, acquiring Wiesenberger would be in line with the recent trend among municipal bond houses, which have diversified into other securities operations because of increasingly vigorous competition from commercial banks...
Going Too Far. Tillich had many untheological interests, notably art, psychoanalysis and science. Three years ago, Paul and Hannah Tillich moved to he University of Chicago, where he was the John Nuveen Professor of Theology at the Divinity School. Summers they spent, as they had for more than 20 years, at East Hampton, Long Island, near the seashore that Tillich always loved. His unpretentious dignity and gentle warmth made friends and admirers for him wherever he moved-but in recent years the seminarians and younger theologians have not been reading him as they used to. More fashionable these days...
...next fall, after seven years at Harvard, will move to the University of Chicago Divinity School to take up a chair endowed last week by the Chicago investment banking firm of John Nuveen...