The Unseen Wall Street of 1969-1975: And Its Significance for Today

By Alec Benn | Go to book overview
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5
Negotiating a Merger1

To tide Glore Forgan over, Russ Forgan personally lent the firm half a million dollars. This satisfied Bob Bishop, and he lifted the restrictions. But it was understood by Archie Albright, Jim Lynch, and the other partners that this was only a short-term loan, made principally so Glore Forgan could manage two upcoming underwritings.

Russ and other top partners felt out their friends to see which firms would be willing to merge with Glore Forgan. Shearson Hammill & Co., a large brokerage firm with 63 offices in the United States and abroad plus an excellent securities research department, showed a willingness to merge -- indeed, proved to be an eager prospect.

An agreement was reached but not signed.

To celebrate the merger, Russ invited Robert C. Van Tuyl, Shearson's chairman, to lunch with him at the ultra-exclusive Recess Club. Russ brought Jim Lynch and another Glore Forgan officer with him. Van Tuyl brought two of his top officers.

Minutes after they sat down, a waiter, unbidden, placed a martini in front of Russ. Unless Russ had an engagement elsewhere, Russ lunched at the Recess Club every day. The waiters knew him well. The martini was specially made to Russ's instructions.

As soon as the waiter brought Bob Van Tuyl and the others drinks, Van Tuyl raised his glass in a toast, saying, here's to Shearson Glore Forgan.

A startled look came over Russ's face

In a courteous, yet firm voice, Russ said that the firm's name should be Glore Forgan Shearson.

Van Tuyl put his glass down, unsipped.

-48-

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