Word: walston
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...early June, will represent 13% of the firm's equity. The move could well start a rush by other Wall Street firms to market some of their closely held shares to the public. Among the next likely to do so are Bache & Co., Reynolds & Co., Dean Witter & Co., Walston & Co. and F.I. du Pont, Glore Forgan...
...hard to keep secret. Newspaper stories had disclosed that the exchange earlier this year lent Hayden, Stone $5,000,000 out of a special trust fund earmarked for investor indemnification. The attempt to keep the firm afloat failed, and Hayden, Stone was later taken over by two other firms, Walston & Co. and Cogan, Berlind, Weill & Levitt...
...shares of Four Seasons Nursing Centers, which later filed for bankruptcy. Hayden, Stone's capital has been further reduced by declines in the value of other borrowed shares. The firm has chopped salaries, cut back its staff and branch offices and sought refuge by negotiating for a merger with Walston & Co. Before that deal is consummated, Hayden, Stone may have to find an estimated $6,000,000 to pay off certain loans...
...brought to a boil in May, when Donaldson, Lufkin & Jenrette, an aggressive company that specializes in institutional business, needed new sources of capital to finance expansion, and announced that it was willing to quit the exchange in order to go public. Since then, Chairman Daniel J. Cullen of Walston & Co. has said that his firm will go public if the exchange approves. Members of regional exchanges have also started pressing for permission to sell stock...
...cope with that crush, Manhattan brokerages have expanded their back-office force from 22,000 to 32,000 clerks over the past 18 months. Even so, says President William Fleming of Walston & Co., "there are just not enough trained employees to handle this heavy volume." Other brokers fault the stock exchanges for clinging to manpower-wasting procedures while their members reap a bonanza of commission profits...