ARTHUR MERRILL, RENAISSANCE MAN

JOAN SANGER

When Arthur Merrill speaks, Wall Street listens! At 55 Art Merrill retired from his position at General Electric to work full time in technical analysis and to start his weekly publication, Technical Trends. At 80, Art is still publishing this newsletter from his home in Chappaqua, NY. Art supplies investors with useful data by using 59 indicators of stock market action; for example, the weekly closing price of the Dew-Jones Industrial Average on the New York Stock Exchange (NYSE), trading by NYSE members (number of stock shares bought and sold by exchange members), short in- terest (number of stock shares sold on the expectation the price will fall and shares can be repurchased later at the lower price), the price/earnings ratio, and Federal Funds rate. Indicators are added or dropped to fit the changing market. Art subjects the data to rigor- ous analysis each week, weighting some, posting others.

When indicators show "good news" (significant improvement in perform- ance during the week), they are marked with a plus; when they show "bad news," they are marked with a minus. Simple arithmetic determines the balance--good news versus bad, bull versus bear--on his Technical Trends scale. In its April 14, 1986, is- sue, Barron's called Merrilrs service "a technician's technician in the in- vestment letter business."

Technical Trends, now in its 25th year, is always mailed late on Saturday for delivery Monday morning. To ac- complish this Art Merrill follows a weekend schedule that would tire a younger man. Having kept an eye on

Joan Sanger is managing editor of Nursing Re- search, American Journal of Nursing Co.

Arthur Merrill, author and publisher of Technical Trends, which Barron's has called "the technician's technician in the investment letter business."

activity in all the markets and accumu- lated information throughout the week, Art drives to the office of a friend in a Westchester County bro- kerage house on Friday at 4:00 PM to check out closing prices and other data. Back at home in his office, he prints out computer data for 15 of his own programs. Saturday morning he is up before 6:00 AM, reads the market re- port in the New York Times, and drives into neighboring Pleasantville to pick up the latest edition of Barren "s for the information from its Market Laboratory section. He feeds this in- formation into the computer, com- pletes the data update, and prints out the latest figures. He updates all the charts, hand drawing where necessary, pastes up the newsletter "copy," and by 11:00 AM he's ready to photograph. He burns his own negatives, strips the

press forms for printing, and stops for lunch at 1:00 PM.

Saturday afternoon he prints the publication. About 5:00 o'clock, John McGinley, who works as a computer expert for a Wall Street firm and is as- sociate editor of Technical Trends, ar- rives with addressed envelopes. To- gether, they complete the binding and mailing procedure. By 10:00 PM they load their cars with the newsletter and deliver them to the Mount Vernon Post Office. Those 30 hours for Art Merrill, who likes to be busy, are en- joyable. He's been doing it 50 times a year for 25 years.

Art's interest in the stock market did not start with his retirement from GE. In 1930, he read Stock Market Theol y and Practice, by R. W. Shabaker, a book that made a great deal of sense to him. It was then he began charting stock and market trends. He has pub- lished two hardcover books on invest- ing: Behavior of Prices on Wall Street, now in its second edition, which ana- lyzes seasonal tendencies, and Filtered Waves, a study of market cycles back to 1898.

Merrill is actively involved within his field as a member of the Financial Federation, the New York Society of Security Analysts, and the Market Technician's Association. He is also a member of the Society for the Investi- gation of Recurring Events and served as its secretary for many years. The Market Technician's Association re- cently presented him with an award for his pioneer work in the study of seasonal patterns in stock prices and for originating an indicator to gauge speculative market activity. The award also paid tribute to his rigorous testing procedures and sound statisti- cal techniques.

Art was born in Hawaii. His great- grandfather had been a Congre++Uon -

Geriatric Nursing September/October Iq gk~69

- ----

70+ AND GOING STRONG

ARTHUR MERRILL,RENAISSANCE MAN

JOAN SANGER

When Arthur Merrill speaks, WallStreet listens! At 55 Art Merrill retiredfrom his position at General Electric towork full time in technical analysisand to start his weekly publication,Technical Trends. At 80, Art is stillpublishing this newsletter from hishome in Chappaqua, NY. Art suppliesinvestors with useful data by using 59indicators of stock market action; forexample, the weekly closing price ofthe Dow-Jones Industrial Average onthe New York Stock Exchange(NYSE), trading by NYSE members(number of stock shares bought andsold by exchange members), short in­terest (number ofstock shares sold onthe expectation the price will fall andshares can be repurchased later at thelower price), the price/earnings ratio,and Federal Funds rate. Indicators areadded or dropped to fit the changingmarket. Art subjects the data to rigor­ous analysis each week, weightingsome, posting others.

When indicators show "good news"(significant improvement in perform­ance during the week), they aremarked with a plus; when they show"bad news," they are marked with aminus. Simple arithmetic determinesthe balance-good news versus bad,bull versus bear-on his TechnicalTrends scale. In its April 14, 1986, is­sue, Barron's called Merrill's service"a technician's technician in the in­vestment letter business."

Technical Trends, now in its 25thyear, is always mailed late on Saturdayfor delivery Monday morning. To ac­complish this Art Merrill follows aweekend schedule that would tire ayounger man. Having kept an eye on

Joan Sanger is managing editor of Nursing Re­search, American Journal of Nursing Co.

Arthur Merrill, author and publisher ofTechnicalTrends,which Barron'shas called"the technician's technician in theinvestment letter business:'

activity in all the markets and accumu­lated information throughout theweek, Art drives to the office of afriend in a Westchester County bro­kerage house on Friday at 4:00 PM tocheck out closing prices and otherdata. Back at home in his office, heprints out computer data for IS of hisown programs. Saturday morning he isup before 6:00 AM, reads the market re­port in the New York Times, anddrives into neighboring Pleasantvilleto pick up the latest edition ofBarron'sfor the information from its MarketLaboratory section. He feeds this in­formation into the computer, com­pletes the data update, and prints outthe latest figures. He updates all thecharts, hand drawing where necessary,pastes up the newsletter "copy," andby II :00 AM he's ready to photograph.He burns his own negatives, strips the

press forms for printing, and stops forlunch at 1:00 PM.

Saturday afternoon he prints thepublication. About 5:00 o'clock, JohnMcGinley, who works as a computerexpert for a Wall Street firm and is as­sociate editor of Technical Trends, ar­rives with addressed envelopes. To­gether, they complete the binding andmailing procedure. By 10:00 PM theyload their cars with the newsletter anddeliver them to the Mount VernonPost Office. Those 30 hours for ArtMerrill, who likes to be busy, are en­joyable. He's been doing it 50 times ayear for 25 years.

Art's interest in the stock market didnot start with his retirement from GE.In 1930, he read Stock Market Theoryand Practice, by R. W. Shabaker, abook that made a great deal ofsense tohim. It was then he began chartingstock and market trends. He has pub­lished two hardcover books on invest­ing: Behavioro/Prices on Wall Street,now in its second edition, which ana­lyzes seasonal tendencies, and FilteredWaves, a study of market cycles backto 1898.

Merrill is actively involved withinhis field as a member of the FinancialFederation, the New York Society ofSecurity Analysts, and the MarketTechnician's Association. He is also amember ofthe Society for the Investi­gation ofRecurring Events and servedas its secretary for many years. TheMarket Technician's Association re­cently presented him with an awardfor his pioneer work in the study ofseasonal patterns in stock prices andfor originating an indicator to gaugespeculative market activity. Theaward also paid tribute to his rigoroustesting procedures and sound statisti­cal techniques.

Art was born in Hawaii. His great­grandfather had been a Congregation-

Geriatric Nursing September/October t986 269

al minister in the Islands, and his grandparents and parents had had business interests there. However, when Art was five years old, his par- ents brought the family to the main- land to be educated. They settled in Piedmont, CA, near Oakland.

He graduated from the University of California at Berkeley in 1927 with a B.S. degree in electrical engineering. At Berkeley he was elected to Theta Chi, Sigma Xi, Tau Beta Pi, and Eta Kappa Nu. In 1929 he received an MBA from Harvard Business School, married Elsie Breed, who remained his wife until her death in 1984, and went to work at GE in Schenectady, NY.

During his 33 years at GE, Merrill served in control design and applica- tion engineering, industrial sales, cor- porate planning, and management. He developed the theory of three-field generation, and by the time he was 27 he was listed in Who's Who of Engi- neering. He is now in Who's Who in America.

Among his childhood memories, he recalls sitting on the steps of his home in California as his Grandfather Mer- rill told stories of his life in Illinois be- fore the Civil War. Abraham Lincoln

was a traveling judge on the Illinois Circuit Court at the time, and whenev- er he came to town, Lincoln stayed with the Merrills.

Such stories contributed to Art's lifelong interest in American history.

Perhaps Merrill's most well-known invention is the wallet-size perpetual calendar.

So it was not surprising that he in- quired about the important Revolu- tionary War Battle of White Plains when he moved to that area of New York. He found that while almost everyone in his neighborhood knew something about it, few could tell him any of the specific details. He also found little written about it although it was generally referred to in all the his- tories of the Revolution.

Predictably, Art wrote a 40-page

Circle no. 7 o n r e a d e r s e r v i c e c a r d

270 Geriatric Nursing September/October 1986

narrative detailing the action of the battle and a chronology of the events that preceded and followed it and in- cluded maps used during the battle by General Washington's surveyor, Rob- ert Erskine, and by British Captain Ar- chibald Robertson. He published it in time for the bicentennial observation of the Battle of White Plains (October 28-November 1, 1776). For the Na- tion's Bicentennial in 1976, Merrill prepared An Outline and Calendar of the Revolutionary War.

His appreciation of history and his common sense help Art to evaluate current trends. Last spring, a mild fear spread through the financial commu- nity that market speculation was pa- ralleling 1928-1929. Volume was up a few days, and prices reached new highs. But, according to Paul Kangas on the PBS program Nightly Business Review, Art Merrill pointed out that, based on a ratio of number of compa- nies listed and number of shares traded on the NYSE, average daily volume would have to climb to 300 million to 450 million shares to equal the 1928-1929 ratio. That, he pointed out, is a far cry from the current 100 million to 150 million shares ex- changed daily.

Art applies h i s analytical skills across a range of interests. For exam- ple, one of his published books is Chess Openings Simplified, which il- lustrates 51 preferred moves of most tournament players. He has also pub- lished How to Write Better Technical Reports, Proposals, and Papers, How to Remember Names, Gourmet Guide, and The Circumpolar Constellation.

The perpetual calendar designed by Merrill and on which any date in any week, month, or year can be found, has been described in 142 newspapers and magazines, including The New York Times. Over 15 million copies of the wallet-size calendar cards have been circulated.

A quiet, unassuming manner belies Art's breadth of accomplishments and influence. He is president of the Analy- sis Press, Inc., and Instant Hard Bind- ing, Inc. Among his patents is a meth- od for instant hard binding. As he tells it, he was in the midst of preparing a book for publication, striving to meet a deadline, when the bindery he used failed. He was forced to do the binding himself. Undaunted, he studied the problem, developed an instant bind- ing process, and got the books out on time. He has patented the process and is looking for venture capital to devel-

70+ AND GOING STRONGwas a traveling judge on the IllinoisCircuit Court at the time, and whenev­er he came to town, Lincoln stayedwith the Merrills.

Such stories contributed to Art'slifelong interest in American history.

So it was not surprising that he in­quired about the important Revolu­tionary War Battle of White Plainswhen he moved to that area of NewYork. He found that while almosteveryone in his neighborhood knewsomething about it, few could tell himany of the specific details. He alsofound little written about it although itwas generally referred to in all the his­tories of the Revolution.

Predictably, Art wrote a 40-page

Perhaps Merrill's mostwell-known inventionis the wallet-sizeperpetual calendar.

al minister in the Islands, and hisgran9parents and parents had hadbusiness interests there. However,when Art was five years old, his par­ents brought the family to the main­land to be educated. They settled inPiedmont, CA, near Oakland.

He graduated from the UniversityofCalifornia at Berkeley in 1927 with aB.S. degree in electrical engineering.At Berkeley he was elected to ThetaChi, Sigma Xi, Tau Beta Pi, and EtaKappa Nu. In 1929 he received anMBA from Harvard Business School,married Elsie Breed, who remained hiswife until her death in 1984, and wentto work at GE in Schenectady, NY.

During his 33 years at GE, Merrillserved in control design and applica­tion engineering, industrial sales, cor­porate planning, and management. Hedeveloped the theory of three-fieldgeneration, and by the time he was 27he was listed in Who's Who ofEngi­neering. He IS now in Who's Who inAmerica.

Among his childhood memories, herecalls sitting on the steps ofhis homein California as his Grandfather Mer­rill told stories ofhis life in Illinois be­fore the Civil War. Abraham Lincoln

narrative detailing the action of thebattle and a chronology of the eventsthat preceded and followed it and in­cluded maps used during the battle byGeneral Washington's surveyor, Rob­ert Erskine, and by British Captain Ar­chibald Robertson. He published it intime for the bicentennial observationof the Battle ofWhite Plains (October28-November I, 1776). For the Na­tion's Bicentennial in 1976, Merrillprepared An Outline and Calendar ofthe Remlutionary War.

His appreciation of history and hiscommon sense help Art to evaluatecurrent trends. Last spring, a mild fearspread through the financial commu­nity that market speculation was pa­ralleling 1928-1929. Volume was up afew days, and prices reached newhighs. But, according to Paul Kangason the PBS program Nightly BusinessReview, Art Merrill pointed out that,based on a ratio of number ofcompa­nies listed and number of sharestraded on the NYSE, average dailyvolume would have to climb to 300million to 450 million shares to equalthe 1928-1929 ratio. That, he pointedout, is a far cry from the current 100million to 150 million shares ex­

----------------------------..., changed daily.Art applies his analytical skills

across a range of interests. For exam­ple, one of his published books isChess Openings Simplified, which il­lustrates 51 preferred moves of mosttournament players. He has also pub­lished How to Write Beller TechnicalReports, Proposals, and Papers, Howto Remember Names, Gourmet Guide.and The Circumpolar Constellation.

The perpetual calendar designed byMerrill and on which any date in anyweek, month, or year can be found, hasbeen described in 142 newspapers andmagazines, including The New YorkTimes. Over 15 million copies of thewallet-size calendar cards have beencirculated.

A quiet, unassuming manner beliesArt's breadth ofaccomplishments andinfluence. He is president ofthe Analy­sis Press, Inc., and Instant Hard Bind­ing, Inc. Among his patents is a meth­od for instant hard binding. As he tellsit, he was in the midst of preparing abook for publication, striving to meeta deadline, when the bindery he usedfailed. He was forced to do the bindinghimself. Undaunted, he studied theproblem, developed an instant bind­ing process, and got the books out ontime. He has patented the process andis looking for venture capital to devel-

Circle no. 7 on reader senice card

270 Geriatric Nursing September/October 1986

op a company to make the service available nationally.

To celebrate his eightieth birthday last June 17, Art's daughter and son- in-law, Anne and Robert Breiling, drove over from their home in Valley Forge, PA, with their family to take him out to dinner. As his birthday gift, he asked his family for a huge choco- late cake.

Shortly after his birthday, this affa- ble, gentle man who really doesn't like to take vacations, flew out to Salt Lake City for the international meeting of the Society for the Preservation and Encouragement of Barber Shop Quar- tet Singing in America.

In the early 1930s, Art organized this group in Schenectady and was elected president. In 1947 he was named to its international board ofdi- rectors and in 1961, when he served as international president, the organiza- tion boasted 25,000 members in 720 chapters. He still harmonizes in his deep bass voice with the 100 or so men who meet weekly at the White Plains Chapter to "sing their hearts out."

Although Art is greatly interested in history and genealogy, he also faces the future squarely and eagerly. "We al-

ways hear of troubles with the younger generation," he admits. "But the kids I see are good kids. The future is in good hands." Among his happy memories are the times he has shared with his four grandchildren.

When Arthur Merrill started Tech- nical Trends 25 years ago, the techni- cal approach to stock market investing was avant-garde. Through the years, the statistical approach has popular- ized technical analysis. Technical Trends, with its solid foundation and pragmatic results, has been influential in validating technical analysis. Art cautions, though, that the work of market technicians such as Bob Far- rell, Bob Stovall, and Bob Nurock has been equally distinguished. To him, the important thing is to search con- tantly for better indicators, because the rules of the game are constantly changing.

This octogenarian with his uncom- mon ability and future-oriented phi- losophy says, "I like to enjoy life as I go along, trying to make the best use of every minute." Art always has an iron or two in the fire. His next project is a book on translating statistical jargon into plain English.

M O V I I ~ G ? GIVE US YOUR NEW

ADDRESS SIX WEEKS AHEAD

To ensure prompt service when you change your address or whenever you write to us about your GERIATRIC NURSING sub- scription, please include your address label from a recent issue of GERIATRIC NURSING. Address your correspondence to Subscrip- tion Department, GERIATRIC NURSING, 555 West 57th St., New York, N.Y. 10019-2961

Affix address label here when sending address change. Clearly print NEW address. The ex- piration date of your subscription is toward the tight end of the top line of your address label. followed by month, eg. 86 Sept.

N a m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A d d r e s s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

City .................................................

State ..................... Zip .....................

Finally, a bladder control product that b..rogs relief to a

very sensmve area. Bladder control problems are often accompanied by an

odor that can be pretty rough on the nose. Which is why Conva~c ® has come up with a remedy

to eliminate odors associated with urinary incontinence problems: The new Dignity ® Odor Eliminator.

The spray that doesn't cover up odors, but helios to eliminate them. B~, neutralizing the alkalinity o f urine from soiled oriefs, pants, pads and diapers a the source. It's also effective on linens and ham- pers-even in the air.

What~ more, the Odor Eliminator has [:~ been used successfully in nursing homes, hospitals and with individuals at home.

There are two sizes-a convenient 2-ounce and an economical 8-ounce pump ~.';-,i spray. Contactyour local Squibb distributor, or call 201-359-9290. , ........... ~,~

And cure the problem of incontinence odor with the Odor Eliminator. Its ~ ConvaTec sure to bring fast relief to your patients and your staff. -~" A Squi~Co0~0pany 01986 E.R. Squibb & Sons, ConvaTec Division Princeton, NJ 08543-4000

Ci rc le no. 8 on reader service card

Address ..

Name .

MOVING?

GIVE US YOUR NEWADDRESS SIX WEEKS AHEAD

AHix address label here when sending address

change. Clearly prinl NEW address. The ex·

piration date of your subscription is toward the

right end of lhe lop line of your address label.

followed by month. e.g. 86 Sept.

To ensure prompt service when youchange your address or whenever you writeto us about your GERIATRIC NURSING sub­scription. please include your address labelfrom a recent issue of GERIATRIC NURSING.Address your correspondence to Subscrip­tion Department. GERIATRIC NURSING. 555West 57th St.. New York. N.Y. 10019-2961

City .

State Zip .L J

r----------------~IIIIII

ways hear oftroubles with the youngergeneration," he admits. "But the kids Isee are good kids. The future is in goodhands." Among his happy memoriesare the times he has shared with hisfour grandchildren.

When Arthur Merrill started Tech­nical Trends 25 years ago, the techni­cal approach to stock market investingwas avant-garde. Through the years,the statistical approach has popular­ized technical analysis. TechnicalTrends. with its solid foundation andpragmatic results, has been influentialin validating technical analysis. Artcautions, though, that the work ofmarket technicians such as Bob Far­rell, Bob Stovall, and Bob Nurock hasbeen equally distinguished. To him,the important thing is to search con­tantly for better indicators, becausethe rules of the game are constantlychanging.

This octogenarian with his uncom­mon ability and future~oriented phi­losophy says, "I like to enjoy life as I goalong, trying to make the best use ofevery minute." Art always has an ironor two in the fire. His next project is abook on translating statistical jargoninto plain English.

op a company to make the serviceavailable nationally.

To celebrate his eightieth birthdaylast June 17, Art's daughter and son­in-law, Anne and Robert Breiling,drove over from their home in ValleyForge, PA, with their family to takehim out to dinner. As his birthday gift,he asked his family for a huge choco­late cake.

Shortly after his birthday, this affa­ble, gentle man who really doesn't liketo take vacations, flew out to Salt LakeCity for the international meeting ofthe Society for the Preservation andEncouragement of Barber Shop Quar­tet Singing in America.

In the early I930s, Art organizedthis group in Schenectady and waselected president. In 1947 he wasnamed to its international board ofdi­rectors and in 1961, when he served asinternational president, the organiza­tion boasted 25,000 members in 720chapters. He s'till harmonizes in hisdeep bass voice with the 100 or so menwho meet weekly at the White PlainsChapter to "sing their hearts out."

Although Art is greatly interested inhistory and genealogy, he also faces thefuture squarely and eagerly. "We al-

abladder on 01produ relief a

very eareabyan n

Ie

Iy

)()

Circle no. 8 on reader senice card

Geriatric Nursing Sep~~.~?~r10ctober1986 27!