Big securities houses, he said, look out for themselves and not their customers.

Securities houses suddenly had to make good on their promises.

"The whole thing is getting more confusing," said the chief executive of another major securities house.

Neither are they a data vendor or a securities house.

Securities houses are determined to have a big say in how any new system develops.

The manager of a branch for a major securities house said his business had been drying up.

Local and foreign securities houses may now underwrite 26.2 percent of the 10-year issue.

The period was also eventful for the American securities houses.

"Financial institutions can't make any money in this market, so they're just sitting around," said a broker at a large Japanese securities house.

Indeed, early today, Japanese authorities closed the country's 10th- largest bank; a major securities house went under earlier this month.

Yet some big securities houses are up in arms over the Elwes report.

Securities houses were badly hit, losing 6 per cent on average.

After stays at two other securities houses, he died of leukemia in 1985.

Most of the loans, including many to the largest securities houses, were secured and paid off over the next few weeks.

That law has served as an impenetrable wall between banks and securities houses.

"Bids on the other $7 billion had to come from somewhere," a trader at an American securities house said.

But he added that his party would not permit officials of the major securities houses to provide formal testimony.

One large securities house was let go into bankruptcy and many medium-sized companies folded.

Reciprocal opportunities were also opened for securities houses to offer banking services.

Credit Suisse will also be the only commercial banking concern to control a major securities house.

Is it likely that a forecaster employed by a securities house will tell you to sell and walk away?

He predicted that next year the revenues of securities houses will be hit with their first actual decline since 1977.

It will thus hold the largest foreign stake in a major Wall Street securities house and have effective control.

The Japanese securities houses wouldn't dare pull out their funds and kill the market, he explained.

Japan's top securities houses reported their worst earnings in years, reflecting last year's crash.