Word: salomon
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...uncanny sense of when to buy and sell. Simon, a New Jerseyan, started his career as a brokerage-house trainee in 1952, a year after graduating from Lafayette College. By the time President Nixon tapped him for the Treasury in December 1972, he had become a senior partner of Salomon Brothers, one of the nation's biggest investment banking houses, in charge of all trading in Government and municipal bonds. That job gave him an income more than sufficient to support his wife Carol and seven children: his share in Salomon's profits by the time he left...
Haydn: Symphonies Nos. 93 and 94 (New York Philharmonic, Leonard Bernstein conductor; Columbia, $5.98). The familiar Surprise, preceded by its stately, less frequently played older sister (by a month: both are from 1792, part of the series of twelve so-called "Salomon" symphonies written by Haydn during his sojourns in London at the behest of Impresario Johann Peter Salomon). Bernstein is at his best in this music, bringing to it the same strength, drama, wit and control he invariably applies to the last symphonies of Mozart...
...second level, Nixon appointed William E. Simon Deputy Secretary of the Treasury. A senior partner in the Manhattan investment banking firm of Salomon Brothers, Simon, 45, is expected to assume most of the department's operational duties, since Secretary George Shultz will have to concentrate on his new job as overall economic coordinator. Last week Shultz was already immersed in talks aimed at simplifying the complex system of wage and price controls and turning it into a form of jawboning-with teeth. Edward L. Morgan, 34, will move from John Ehrlichman's Domestic Council to the post...
...been booming (see following story), average monthly earnings of brokerage firms from January through August dropped 20% below a year earlier. Some of the best-known firms have suffered even more. In the most recent quarter, Weeden & Co.'s earnings fell 61%, and Hayden Stone barely broke even. Salomon Bros. net for fiscal 1972 (ended Sept. 30) was down 33%. In the past ten months, 33 brokerage firms have failed and another 18 are being watched closely by the New York Stock Exchange lest they fall below minimum capital requirements. So far this year 221 other brokerages have disappeared...
Faced by such problems, brokers who once feared SEC supervision are now looking to the agency for leadership. "The feeling around here is that we've been on dead center too long and that Casey will get things moving," says William Salomon. "Even if he makes unpopular decisions, the mere fact that he is taking affirmative action will make most of us support...