Word: witter
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Dates: during 1980-1989
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...accounts are only part of the financial revolution that has been bringing widely different money services under one roof. Last week Sears, Roebuck and Co., the largest American retailer, announced that it will open financial-service centers in eight cities in July. The company now owns Dean Witter Reynolds securities and Coldwell Banker real estate. Last year American Express Co. bought Shearson Loeb Rhoades, the second largest securities firm, and the Prudential Insurance Co. acquired the Bache Group, the sixth biggest brokerage house. Banks will soon be in the thick of the financial fight...
...euphoria, this recent merger activity is really just a result of the decade-long lag in stock values, which has made it cheaper for firms to buy existing companies rather than build new factories. Says Robert Stovall, director of investment policy for Dean Witter: "Adjusted for inflation, the stock market has never been higher than...
...stop for services ranging from savings accounts and stocks to insurance. This year several of the largest U.S. companies went further in that direction by moving to acquire investment firms. American Express snared Shearson Loeb Rhoades; Prudential Insurance purchased Bache; Sears reached a preliminary agreement to buy Dean Witter; BankAmerica plans to absorb Charles Schwab...
Fromex prices are competitive with those of conventional film processors, but some customers doubt the quality of one-hour prints. Says Analyst Eugene Glazer of Wall Street's Dean Witter Reynolds: "The one-hour turnaround does not generally appeal to 35-mm camera users. They spend more for their equipment and want higher quality." Frome insists that his prints are at least as good as those of the leading conventional film developers...
...money-market fund. In two lightning moves last week, the company stepped boldly into one-stop financial shopping. First it offered about $180 million to buy Coldwell, Banker & Co., the biggest independent real estate broker in the U.S., and then it bid some $600 million for Dean Witter Reynolds, the fifth largest stockbroker...