Word: walls
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Dates: during 1960-1969
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...many ways, Armand G. Erpf is a contemporary man of myth and a contemporary hero. An investment banker (he is a senior partner in Loeb, Rhoades & Co.) and a multimillionaire at 71, Erpf is regarded as one of Wall Street's most secretive and successful adventurers, risking hundreds of thousands of dollars in quixotic, unpredictable enterprises, among them New York magazine. There is a $500,000 chair endowed in his honor at Columbia University, and another-of the wooden, folding variety-bearing his name at New York's Theater for Ideas, an intellectual audience-participation forum, of which...
Died. Robert Lehman, 76, investment banker, senior partner of Lehman Brothers and one of Wall Street's most powerful figures; in Sands Point, N.Y. Born to wealth, "Bobby" Lehman might have devoted his life to art collecting and horse breeding, both of which he loved, but his greatest enthusiasm was for high finance-and for 48 years he multiplied his family firm's prestige and fortune. He was one of the first to see the enormous potential of aviation, helped bankroll the beginnings of American, Pan American and Trans World Airlines. He was a friend to retail merchandising...
Prosperity reached almost embarrassing proportions for Wall Street during the bull markets of the past couple of years. As stock prices climbed and trading volume rose to unprecedented heights, brokerage commissions swelled to $5 billion a year, and six-figure in comes became commonplace among customers' men. Now the securities busi ness is mired in a painful recession. Caught between sharply rising costs and a sluggish volume of trading in the ner vous market, brokerage houses have closed scores of branch offices, laid off hundreds of workers and rushed into mergers to fight a flood...
...Board's volume. Other merger plans have undoubtedly been hastened by the tendency of small investors in a declining market to with draw from direct trading and turn their business over to mutual funds and other professional investment management services (see following story). A great deal of Wall Street's retrenching involves firms that rely on retail brokerage for much of their revenue. So far this year, Manhattan-based H. Hentz & Co. has closed five of its 38 branches. Blair & Co. has dismissed 45 employees, and Thomson & McKinnon has furloughed 40 employees and suspended its training program...
...permitted to sell their own shares to the public? What kind of commission discounts should the stock exchanges give to the big institutional investors? The answers to these and other basic questions will depend largely on the views of the Securities and Exchange Commission, Washington's watchdog over Wall Street. The times would seem to call for a tough-minded decision maker as SEC chairman. In Hamer H. Budge, the SEC has instead a tranquil, kindly administrator who has a penchant for delay. In addition, Budge last week was accused of "gross, clear, conspicuous, transparent conflict of interest...