Word: shearson
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...right of the President to accuse steel companies of being inflationary when they seek price increases. The likeliest sources of inflation in the U.S., argue the President's business critics, are Government spending and the federal budget deficit. Says Walter Maynard, a partner in Wall Street's Shearson, Hammill & Co.: "Mr. Kennedy's moral position would be stronger if he operated his Government at a surplus...
What further bothers market specialists about the tax is that it prevents people from being guided by what they really think is a good investment, tends to make the market a less realistic mirror of business conditions. "With capital gains," says Walter Maynard, senior partner of Shearson, Hammill & Co., "you are betting the certainty of a 25% loss v. a problematical gain. And with that certainty of a loss, investors will refrain from making a sale even while admitting that the price of a security is high enough for them...
...flock of them-Standard Gas, Engineers Public Service, Electric Power & Light, Commonwealth & Southern-made new highs for the year. Some brokers reported that 75% of their buying orders were for utility holding company preferreds and bonds. Most succinct explanation for this backhanded phenomenon was that of Shearson, Hammill & Co.: "About the only conclusion one can draw from the activity in utility holding company preferred stocks is that the parts of the various utility holding companies are worth more separately than when united in a single . . . system...
...granddaughter (see p. 21). John Pierpont Morgan was at Gannochy Lodge and Clarence Hungerford Mackay at Hunt-hill, Brechin. Bernard Baruch could not stay but Silkman Emil Stehli and Charles Steele of the House of Morgan were shooting. Other U. S. gunners-Broker Andre Pillot, Banker Edward Shearson, Red D Line's Frederic Dallet-were talking about their first week's bags. Ambassador Charles Gates Dawes left for an archaeological tour in France after a week in Perthshire, in high fettle because he had potted eleven birds the first morning and shot well above the average...