Word: weeden
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Dates: during 1970-1979
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...Solomon was in the final running for the job. But in Williams, they find few faults. Says Donald Marron, president of Mitchell Hutchins and a longtime friend of Williams' who calls him Hal: "He is a broad-gauged person. That's good for the SEC." Donald Weeden, chairman of Weeden & Co., feels Carter made a good choice in picking someone from outside the securities field. "The job is to regulate," says Weeden, "not to be a trade association...
Still, there is cause for edginess. As Bud Simons, research chief of Weeden & Co., notes, "We will not get back to 1000 until we get some signs that the economy is improving." There is little chance of that happening, at least in the next few weeks. Thus some brokers now believe that stock prices will continue to slip, dragging the Dow down to a low of 900 or so before Election Day. Indeed, some analysts believe that such a drop might be a healthy correction that would leave the market poised for a new and sustained upward march later...
...with a 20% tax boost that brought its total bill to $449 million last year, Con Edison charges the highest rates of any U.S. utility. Electricity costs for industrial users are 50% higher in New York than in Connecticut, 35% above rates in New Jersey and Massachusetts. Last month Weeden & Co., the large brokerage house, announced that it will move more than half of its operations to New Jersey because of a recent increase in the city's securities...
PATRICK SKY and FINKEL & WEEDEN. Thurs. Sept. 27 thru Sun. Sept. 30, at Passim Coffeehouse. 492-7679 for information...
While profits of most other businesses have been booming (see following story), average monthly earnings of brokerage firms from January through August dropped 20% below a year earlier. Some of the best-known firms have suffered even more. In the most recent quarter, Weeden & Co.'s earnings fell 61%, and Hayden Stone barely broke even. Salomon Bros. net for fiscal 1972 (ended Sept. 30) was down 33%. In the past ten months, 33 brokerage firms have failed and another 18 are being watched closely by the New York Stock Exchange lest they fall below minimum capital requirements...