Well Done

The man whose cash feeds the Big Bull market lives in New York, Altoona, Waco and Zanesville. This was proved last week by Wall Street’s largest brokerage firm, Merrill Lynch, Pierce, Fenner & Beane (waggishly called “All This and Fenner Too!”). In 1945, it reported, it had added 40,000 new customers, added two new offices to its 89 in big & little cities, had doubled its profits ($8,834,063 v. $4,483,576 in 1944). As a result, 75 partners of Merrill Lynch will split $1,288,887, after all taxes and their own salaries are paid. Said MLPFB modestly, “Our firm has done well.”