Word: lufkin
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Charles F. Luce-Under Secretary of the Interior in the Johnson administration and now Chairman of the Board of Consolidated Edison of New York-and Daniel W. Lufkin also spoke. Lufkin is a member of the President's Environmental Council...
...many members of the business community believe this can be solved by a tree planting ceremony on the front lawn." Lufkin said. "I don't thinkindustry is moving as fast as it should. It has in general looked at ways to postpone action," he added...
...rates provided that it is not solely at the expense of the small investor." Thomson believes, as do officials of other well-managed firms, that Wall Street's trouble is primarily the result of inefficiency in some brokerage operations-and not inadequate commissions. William Donaldson, president of Donaldson, Lufkin & Jenrette, is sharply critical of the discriminatory way in which commissions would be changed. "To propose a cut on large trades while at the same time increasing commissions on the small investor," he says, "is totally unrealistic and indefensible...
Public ownership has been studied and restudied ever since Merrill Lynch suggested the idea in 1963. The issue was brought to a boil in May, when Donaldson, Lufkin & Jenrette, an aggressive company that specializes in institutional business, needed new sources of capital to finance expansion, and announced that it was willing to quit the exchange in order to go public. Since then, Chairman Daniel J. Cullen of Walston & Co. has said that his firm will go public if the exchange approves. Members of regional exchanges have also started pressing for permission to sell stock...
Besides that, it would be desirable to open the "exchange community" to the new ideas that new brokerage owners would bring, and to let the public share in Wall Street's profits. Donaldson, Lufkin is threatening to leave the exchange if the constitution is not changed to let it go public (TIME, May 30). Haack seems sympathetic, but he predicts that a forthcoming vote on public ownership among the exchange's seat holders will be "close...