Word: witters
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...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...
When Stockbroker Marina Verola, 29, agreed to pose for the March issue of Playboy both in and out of her pin-stripe suit, it was, she said, "to show that beauty and brains can go together." Her employer, the Dean Witter Reynolds office in Boca Raton, Fla., was apparently not convinced. According to Verola, she informed her employers of the modeling offer last July and was abruptly fired. Then, she claims, Dean Witter lured away her clients with unspecified "inferences and innuendoes." She and her husband Victor, 36, a broker at the same firm, say they shared 125 clients...
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...