Word: witter
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...York and Chicago exchanges will have no say in the matter unless they start agreeing on some compromises. Says Philip Purcell, chairman of Dean Witter: "It's time to forget about these turf fights and think of the customer first for a change." If the exchanges do not, customers will stay away, and the heady days of the 1980s bull market will be gone for a long, long time...
Last week Wall Street seemed to get the message. In rapid-fire announcements made on the eve of congressional hearings on program trading, six major securities firms -- Salomon Brothers, Morgan Stanley, PaineWebber, Bear Stearns, Kidder Peabody and Dean Witter -- announced that they would halt index arbitrage for their own accounts, at least for the time being. With the exception of Bear Stearns, which will stop all index arbitrage, the firms will continue to execute such trades for customers who request them...
...under which we compete," said Rittereiser. "Prudence requires that we pursue this course." The most likely buyer may be Shearson Lehman Bros., which offered some $1.6 billion for Hutton a year ago. Now the price may be much lower: an estimated $1 billion. Several other firms, among them Dean Witter and Merrill Lynch, are said to be talking with Hutton. One possibility is that the company's departments will be sold separately. These days, when potential bidders talk deals, it is E.F. Hutton that is doing the listening...
...million as the number of stores expanded from 550 to 724. Banana Republic alone grew to 65 stores. The Gap's annual profits ballooned from $21.6 million to $68.1 million. Before its dive, the firm's stock price had risen nearly 2,900% in five years. Said Dean Witter Reynolds Analyst William Tichy before the stock's plunge: "This thing has just defied the law of gravity...
...anywhere among the hills and dales of America. Jones' energetic corps of 1,273 brokers, who almost never set foot in towns with more than 25,000 people, has enjoyed solid success in outposts from Spearfish, S. Dak., to Broken Bow, Neb., that such big-time competitors as Dean Witter Reynolds and Merrill Lynch have virtually ignored. Based in the St. Louis suburb of Maryland Heights, Jones ranks just 43rd among brokerage firms in total capital ($82.5 million), but no investment company is represented in more places. Jones has 1,227 offices in 37 states, covering most of the country...