Wall Street: New Head of the Herd

Modern corporations usually make it a practice to prepare carefully for any change in command. But few are as forehanded as Merrill Lynch, Pierce, Fenner & Smith, the Thundering Herd of Wall Street. The biggest brokerage house in the world, with 170 offices and a $369,443,000 annual business with 914,000 active customers, Merrill Lynch announced last week that it was beginning to transfer leadership of the Herd to a group of executives who have been on the street only since World War II. The heir apparent for the top job has not...