Word: walls
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Dates: during 1960-1969
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...statement that in Miami Beach the ocean "threatens to topple a brand-new high-rise apartment complex appropriately named Harbour House" is absolutely untrue. We have been advised by competent engineers and architects that our buildings are constructed on a solid foundation of hundreds of pilings, and the sea wall was designed and constructed so as to withstand every type of hurricane as well as the possibility of erosion. Our architect has reported to us that "if the Harbour House were placed out in the middle of the ocean on its present foundation and sea wall, it would not topple...
Raising Doubts. The accusations hit Wall Street at a time when it is already awash in problems. The stock exchanges are battling the Government in defense of their lucrative but controversial system of fixed minimum commissions. As part of an eight-month effort to unsnarl the paperwork jam that has slowed brokers' back-office operations, the exchanges and over-the-counter market last week decided to remain on a four-day trading week throughout September. Beyond all that, the Merrill Lynch case is clearly Wall Street's newest, worst nightmare, if only because it is bound to raise...
...acted wrongfully, and we will defend our position vigorously," said a spokesman. For its own sake, the firm can afford to do no less. Merrill Lynch owes both its eminence and fortune to its success in wooing the small investor. To back the well-justified boast that it brought Wall Street to Main Street, the company points to its 1,400,000 individual customers, nearly one-third more than any other stockbroker has. Their trading, along with that of 3,000 institutional customers, last year helped Merrill Lynch to gross $369 million and net a record $54.6 million...
Beyond Conventions. Merrill Lynch is fond of noting that it imposes on its employees a set of ethics that goes well beyond the requirements of law or the conventions of Wall Street. For example, no employee is allowed to obtain a bank loan by using securities as collateral. Unless he is about to retire, no officer is permitted to become a director of another company. Alone among big brokers, Merrill Lynch has refused to promote the sale of mutual-fund shares, reasoning that such dealings could lead to a conflict of interest in serving its big and little customers...
...offers. What makes them even more susceptible is the fact that so much of the growth has been occurring through mergers. Says F. L. Mannix, an executive recruiter in Wellesley, Mass.: "Suddenly there are two people for one job. A man sees the handwriting on the wall and decides to move...