Word: witter
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Dates: during 1980-1989
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...annual April 15 rush to the post office to mail 1040 forms was rivaled last week by another race. Hundreds of thousands of taxpayers inundated financial institutions with applications for Individual Retirement Accounts. Dean Witter Reynolds kept brokers working until 9 every night and answered thousands of questions over a 24-hour telephone hot line. Last Wednesday alone, 7,100 Dean Witter customers opened new IRAs. Exulted Vice President Joseph Hamm: "It's been absolutely crazy...
...that remain will be operating at only 73% of capacity. As a result, prices are falling and profits are being squeezed. International Minerals and Chemical, a major fertilizer maker in Northbrook, Ill., will earn only about $3 per share this year, compared with $4.56 last year, according to Dean Witter Reynolds Analyst George Krug. He thinks that the Williams Cos., a big fertilizer producer in Tulsa, Okla., will earn about $1.50 this year, down from $3.32 in 1981. One saving note: since farmers expect higher prices, they plan to use extra fertilizer on the acreage they plant this year...
When Sears Roebuck & Co. acquired the brokerage house of Dean Witter Reynolds 13 months ago, the jeers from Wall Street could be heard as far away as Sears' Chicago headquarters. Old-line stockbrokers sniffed that well-heeled clients would not want to invest their savings with the same company that sold Craftsman power tools and Kenmore automatic washers. The giant retailer figured differently, and last July it opened Sears Financial Network outlets in eight of its 829 U.S. department stores to test the concept of selling "stocks and socks...
...twit competitors, Sears officials delight in telling tales about high rollers who have sought out the financial centers, which also sell real estate and Allstate insurance. In Cupertino, Calif., a man walked into Sears and bought $3 million worth of securities. A Jacksonville, Fla., woman who received a Dean Witter flyer with her Sears charge-account statement responded with a $1 million check. Far more significant has been the amount of traffic attracted to the outlets, which, with potted plants and walnut desks, resemble suburban bank branches. The average broker has lured three times as many new accounts and booked...
Last week Verola sued the Dean Witter firm for, among other things, libel, slander and interference with business relations. She is seeking a public retraction of the slurs in addition to $100,000 for lost income and, she hopes, an extra $500,000 or more in punitive damages. Says she: "I went bare in a bull market...