Wall Street: A Sweet Deal

It was a little like Macy's acquiring Tiffany's. That great department store of U.S. finance, Manhattan's Merrill Lynch, Pierce, Fenner & Smith, last week took over the leading dealer in the highly sophisticated and eminently profitable market for Government securities, Wall Street's C. J. Devine & Co. The world's largest brokerage house thus got a solid hold on the only important part of the finance business in which it had not been represented. Says one Merrill Lynch vice president: "We knew nothing about the Government bond business."

Fortunes from Fractions. The men who do know the business turn hand...

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