Word: regain
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Merrill Lynch has been an innovator ever since Charles Merrill wove it together from four smaller houses in 1941. It helped in the long campaign to regain the public's trust in the financial community by putting its salesmen on flat salaries, eliminating carrying charges on accounts, and pioneering in informative advertising. When Mike McCarthy, a former grocery-chain consultant, took over as managing partner in 1957, he found the firm's old partnership setup as unwieldy as its name. He revamped Merrill Lynch into an incorporated brokerage house whose stock is now divided among 419 shareholders...
Last week Kirby did that. Having worn down his onetime conquerors, he paid $10.5 million to buy 1,000,000 Alleghany shares and regain control. Two Kirby allies bought 600,000 additional shares, picked their opponents clean of Alleghany holdings. The sellers were the very men who had beaten Kirby in 1961: Dallas Millionaire John Murchison, 41, and his brother Clint Murchison...
Holed up in the impregnable mountains of central Yemen, the royalists make hit-and-run raids in all directions, have sometimes infiltrated as close as the military airport outside San'a. The Egyptians have been on the defensive since February and make only local counterattacks to regain objectives, such as water sources, seized by the royalists. The offensive is left to Egypt's Russian-built fighter and bomber planes, which plaster royalist villages with high explosive and napalm. There were reports last week that the Egyptians are now using gas warfare to pry the rebels out of their...
From his circular penthouse office on Madison Avenue, Manhattan Real Estate Tycoon William Zeckendorf frequently sallies out on a limb, leaving all his competitors and creditors agape with suspense. For years, people have been expecting Zeckendorf to take a tumble, though he has always managed to regain his balance. Recently, though, Zeckendorf's balancing act has been getting more and more precarious. Last week the Alleghany Corp, complained that Zeckendorf's Webb & Knapp, Inc, had failed to pay it $570,000 in back rent on some Denver properties, and rotund Bill Zeckendorf, 57, admitted that his $400 million...
...helped to create at the turn of the century when he made the Examiner his showcase and it clobbered all comers with its sensationalism. Since 1960. when the Chronicle overtook the Examiner for the first time, Hearst executives have ladled out a small fortune in a stern effort to regain the top spot in the town where the chief got his journalistic start. The job will take some doing. Behind the austere facade of the Chronicle Building at Fifth and Mission, flamboyant Executive Editor Scott Newhall, 49, operates one of the wackiest circuses in modern U.S. journalism. Newhall boasts that...