Word: webber
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...Which has since merged into Paine Webber...
...Paine Webber, the fourth largest publicly traded brokerage firm in terms of revenue in 1976, has just issued a review of the 15 securities-firm shares. It rehearses the many troubles of the trade-increasing Government regulation, a cautious attitude on the part of big investors. Further, it finds that brokers have uncomfortably high ratios of debt to capital and argues that the firms' earnings are on "a fragile foundation" because brokers, like their customers, never know what the market is going to do and have no way of forecasting the level of future business. With trading volume...
...Paine Webber did select three stocks-the "best of a bad bunch"-as possible buys "in a more favorable market environment than now exists." A.G. Edwards & Sons, Inc. for its "unique position" at the retail end of the industry; Merrill Lynch for its leadership of the industry and First Boston, Inc. for its strong position on the institutional side. Merrill Lynch is preparing its own report on the industry, and it is likely to be gloomy. The TV ads will continue to proclaim that "Merrill Lynch is bullish on America," but the firm is less than bullish...
...however enthusiastically they may denounce the SEC, securities men know where the real trouble lies. Says Donald Marron, president of Paine, Webber, Jackson & Curtis, Inc.: "The principal problem is the fact that the product we sell has not done very well. We are selling stock at precisely where it was 13 years ago." Some investment professionals are even knocking their own principal product. Says Walter Burns, of the institutional investment advisory firm of Lynch, Jones and Ryan: "There is no longer any haven for institutional investors in common stocks. We are telling our clients to invest all their funds...
Even by the 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...