Like law firms or other businesses that have confidential relationships with clients, nearly all U.S. advertising agencies are privately owned. Last year Manhattan's frisky Papert, Koenig, Lois created a sensation on Madison Avenue by going public. The sale of shares made near-millionaires out of the agency's three young founders, and stock that came out at $6 a share is now up around $10. Last week Foote, Cone & Beldingthe nation's seventh biggest ad agency, with billings of $135 millionput some shares on the market. It looked as if public is the way to go.
The boss of Foote, ConeFairfax Mastick...
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