The one-year-old firm of Merrill Lynch, E. A. Pierce & Cassatt (TIME, Feb. 12, 1940) is to Wall Street what General Motors is to the auto industry. Last week it became Wall Street's General Motors-Ford Corp., by announcing a merger (effective in mid-August) with the second largest U.S. brokerage and commission house, Fenner & Beane.
Merrill Lynch, Pierce, Fenner & Beane* will have a combined capital of $6,000,000, an annual gross income of over $10,000,000, debit balances of $56,000,000, 93 offices in 91 cities, 50,000 active accounts, membership in 28 separate commodity and security exchanges. By Wall Street standards, this is gargantuan.
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