SECURITIES

Josephthal to Take Over Blech Accounts: Josephthal, Lyon & Ross Inc. agreed to acquire all the customer accounts and brokers of D. Blech & Co., one day after the bank was forced to shut down because of a cash crunch. The move eased pressure on several biotechnology stocks for which Blech served as a market maker. Josephthal said it will begin making a market in the 57 stocks Blech previously covered and that it would take over the firm’s stable of pending initial public offerings. Josephthal will take over Blech’s 6,000 accounts and acquire its 150 brokers and its New York and Boca Raton, Fla., offices. Blech’s inventory of biotechnology stocks was not included in the transaction, nor was the firm’s founder, David Blech, who associates said would devote himself to raising venture capital for companies.