Finance: Charlie's Profit Instinct

One of the least known men on Wall Street is slight, balding Charles Allen Jr., 60. His investment banking house, Allen & Co., belongs to no stock exchanges, seldom joins in a syndicate deal with other houses. But few men on the street have as much wealth and power as this former brokerage-house runner. As the major and often controlling stockholder of half a dozen important companies—in steel, shipbuilding, chemicals, drugs, insurance and other industries—Allen & Co. supervises their financing, advises their managements, and devises new ways for them to profit.

Last week Charlie Allen qualified as Wall Street's most happy...

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