Word: eichler
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Late one Friday afternoon in November 1975, executives at the Los Angeles headquarters of Bateman Eichler, Hill Richards Inc., California's largest brokerage firm, got a series of disturbing phone calls. All 25 employees in the firm's Fresno office-17 account representatives, two trainees, six back-office assistants-announced that they were quitting, with no advance warning. Most distressing to Bateman Eichler was the employees' destination. They moved en masse across Shaw Avenue to open, on Monday morning, the brand-new Fresno office of Bateman Eichler's competitor, Paine, Webber, Jackson & Curtis...
...standards of the securities industry, whose firms constantly raid each other for experienced employees, spiriting away an entire branch office was an unusual act, and last week it brought an unusual judgment. An arbitration panel of the New York Stock Exchange ordered Paine, Webber to pay Bateman Eichler almost $1.1 million in damages. In addition, the arbitrators assessed damages totaling $45,000 against three of the former Bateman employees for conspiring to engage in unfair competition. The damages were less than the $2.5 million that Bateman had asked in a California court suit filed on the Monday that the Fresno...
...employee than to train someone new, and that the easiest way to win accounts from a rival is to hire the brokers who service them. Even the firms that count themselves aggrieved may be wooing away employees from rivals. Only a month before its Fresno office defected, Bateman Eichler hired five members of the trading department of Mitchum, Jones & Templeton Inc. And Loeb Rhoades, in response to the Bache complaint, asserted that Bache two years ago had lured away its entire foreign institutional department. Loeb Rhoades did not sue, says a spokesman, because "those are the breaks of the game...
...style. Pacesetter Homes set 169 atria on a tract in San Clemente, Calif., and Builder William J. Levitt-of the Levittown Levitts -includes a version of the house in his 1,450-unit development currently abuilding near Cape Kennedy, Fla. Greatest enthusiast is California's Joseph L. Eichler, who has built some 3,000 houses in 31 development tracts in the last six years, sold every one of them (at anywhere from $23,000 to $55,000 each), sometimes even before construction began...
...fact, Eichler's Lucas Valley, some 20 miles north of San Francisco, is a demonstration of just how handsome tract-housing can be. Surrounded on two sides by mountains, the site is spacious and richly wooded. But what is most impressive is not the way the houses look from the outside but the other way around; and inside-out, the view is spectacular. No two of the 550 approximately 300-sq.-ft. patios are the same: the Frederick Bradleys' holds a slender Japanese maple and a jungle of flowers, while the John Hamrens have surfaced theirs with pebbles...