Little Fellows In

As the world's biggest brokerage firm, Merrill Lynch, Pierce, Fenner & Beane is a good barometer to show how many "little fellows" and new investors are in the stock market. Last week, when Merrill Lynch totted up its 1950 earnings, the barometer reading was clear: new investors had come into 1950's bull market in such a big way that Merrill Lynch's net income shot up to a record $12.5 million --more than five times last year's. Merrill Lynch's 86 participating partners split a net profit (after taxes) of $3,510,350.

To bring 85,000 new investors into its 106 offices during 1950, Merrill Lynch spent more than $1,000,000 in research, advertising in newspapers and magazines, films, and exhibits at county fairs, women's clubs. It ran a three-page solid text advertisement in TIME. The new investor's interest in the market, said Senior Partner Charles E. Merrill, was caused by the realization that common stocks are the best hedge against inflation."

Merrill estimated that along with pension funds in 1951, $10 billion in personal savings will have to be invested. To make sure it has the staff to handle its booming business, Merrill Lynch will school women for what has always been considered a mans job: it will train "customer's women" as well as "customer's men."

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