Word: shearson
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Since the stock-market crash of early 1970, the biggest noise in the brokerage community has been the sound of the falling ax. On Wall Street, some 35% of the work force has been let go since the market turned bearish. Simply through attrition, Shearson, Hammill & Co. reduced its rolls from 3,300 last spring to 2,800 today. A few firms sliced away a little muscle along with much fat. Some firms fired so many clerks that when trading volume picked up in November, the staff could not process orders on time...
...that several mutual funds were insolvent and dumping stocks, that several computer-leasing firms were about to go bankrupt. Goodbody & Co., a major brokerage house, had to deny that it was going out of business. Francis I. du Pont & Co. laid off 15% of its research staff; most of Shearson, Hammill's executives took pay cuts of as much...
...always a struggle against the odds, but consider the case of four young black businessmen, none of whom had ever published anything in his life. They were brought together one evening in Harlem 18 months ago at a "black capitalism" meeting sponsored by the Wall Street brokerage firm of Shearson, Hammill. This week the result is on the newsstands: Essence, a stylish monthly magazine for black women...
...idea of a magazine was suggested by Jonathan Blount, then 24 and an ad salesman for the New Jersey Bell Telephone Co. "All right," said the Shearson, Hammill adviser. "There's Cecil Hollingsworth behind you, and he knows about printing. And Ed Lewis over here is a financial planner for First National City Bank, and he knows financial planning." Joined by Clarence Smith, a salesman for Prudential Insurance, the foursome began getting together at the end of their regular workdays. From publishing talent up and down Manhattan's Madison and Sixth Avenues, they picked up ideas and expertise...
Hungry Speculators. The swings tell less about Natomas than about the desperation of speculators and other investors to find a new outlet for their money. "People are hungering for something to get action out of," says Robert T. Allen, vice president of Shearson, Hammill & Co., the big Manhattan brokerage house. Especially hungry are the managers of "performance" mutual funds and hedge funds, both of which have sold themselves to investors on the promise that they could select stocks that would surge ahead no matter what the rest of the market did. The stocks that most of them selected-computer, conglomerate...