WALL STREET: Little Fellows In

As the world's biggest brokerage firm, Merrill Lynch, Pierce, Fenner & Beane is a good barometer to show how many "little fellows" and new investors are in the stock market. Last week, when Merrill Lynch totted up its 1950 earnings, the barometer reading was clear: new investors had come into 1950's bull market in such a big way that Merrill Lynch's net income shot up to a record $12.5 million —more than five times last year's. Merrill Lynch's 86 participating partners split a net profit (after taxes) of $3,510,350.

To bring 85,000 new investors into its 106 offices during 1950,...

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