Word: salomon
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...warning for months that the huge federal budget deficit could send interest rates shooting back up again, Wojnilower now admitted that the cost of money would probably continue to decline over the next year. On Tuesday morning, rumors whirled through Wall Street that Henry Kaufman, chief economist of the Salomon Bros, investment house, had also changed his mind on interest rates. Word that these two gurus, known on the Street as Dr. Doom and Dr. Gloom, had reversed themselves electrified the stock exchange. By 10:20, just 20 minutes after the market opened, the Dow Jones industrial average...
...Salomon Bros, officials, who had been besieged by telephone calls all morning, confirmed at 10:41 that Kaufman was releasing a new forecast that predicted further declines in interest rates. By 11:10, the Dow was up almost 9 points, and the rush to buy was on. Leading the charge were the scores of cash-laden institutional investors, including pension funds, insurance companies and banks, which snapped up stocks in blocks of 10,000 shares or more...
...money supply by buying and selling bonds and notes in the securities markets. On a normal business day, about $25 billion to $35 billion in so-called federal paper changes hands. Thirty-six of Wall Street's largest securities dealers, including Goldman, Sachs & Co., First Boston Corp. and Salomon Bros., are the dominant traders in the $700 billion market. As interest rates have gyrated in this market in recent years, those dealings have become attractive to other firms. Last February, for example, Drysdale, a $5 million spin-off of the 92-year-old Drysdale Securities Corp. brokerage house, opened...
...owed by Drysdale, but was willing to go ahead anyway and and put put $90 million into a $250 million pool until the situation was cleared up. Included among the astonished listeners were the heads of some of the bluest chips of American finance: Merrill Lynch; Goldman, Sachs; and Salomon Bros...
...order to finance the construction of new 767 and 757 airliners. Phelps Dodge, which announced earlier this month that it is temporarily closing all of its copper mines, laid off about 3,800 of its workers and reduced salaries by as much as 8%. A somber Henry Kaufman, the Salomon Bros, economist, informed Congress last month that American business "has been devastated by the debt explosion. Our economy and financial markets are more fragile than at any time since the end of World...