Word: shearson
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...analysts concluded that Rockefeller tended to sit on stocks instead of playing the market. Says Leslie M. Pollack of Shearson, Hayden Stone, Inc.: "I'm sure Rockefeller didn't count his money every week...
Other brokerages also are scrambling for survival. Last month, Blyth Eastman Dillon broke off merger talks with Paine, Webber, Jackson & Curtis, then promptly closed ten of its 55 branch offices and fired 350 employees. Hayden Stone Inc. and Shearson, Hammill are preparing for a merger by Labor Day; reports are circulating on the Street that as many as 1,000 employees will be laid off. Perhaps 100 other firms are talking merger, and the best guess as to how many more Big Board brokerages will merge or liquidate by the end of the year...
institutions generally single out a few stocks-including IBM, Xerox, Polaroid and ITT-for the big play. "This is an airshaft market," complains Shearson Hammill Vice President Lee Silberman. "A hundred or so blue chips move up and down while other stocks languish...
...last week it slipped below the bottom end of that range. In the first two months of the year, the brokerage business as a whole suffered a loss of $51 million, v. a $250 million profit in the same period of 1972. Such big houses as Loeb, Rhoades and Shearson, Hammill are cutting their staffs; others like Drexel Firestone, Laird, Bissell and Estabrook are being forced into mergers with stronger firms. The crowning blow: last week two seats on the New York Stock Exchange sold for $92,000 each-down $3,000 from the last previous sale in March...
...nosedive? For one thing, investors were not quite so sanguine as some of the professional forecasters about the nation's economic welfare. Many investors suspected that the new freedom of Phase III would end up in a new round of inflation. Lee Silberman, a vice president at Shearson, Hammill & Co., somberly says: "I think the public does not believe Phase III will work...