Word: acted
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Dates: during 1930-1939
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...customers' balances of $51,349,000, Exchange accountants last week confirmed Mr. Simmons' assertion. The Exchange discovered a general disregard of a joint opinion of seven law firms representing the largest brokerage firms on the Exchange. This opinion, written in 1934 as an aftermath of the Banking Act of 1933 which divorced deposit banking from underwriting and brokerage, held that brokerage firms could legally keep their huge customers' balances so long as they segregated them in such a way that they would be "not available for use by the firm in its general business...
...utility situation seem desperate to such men as Wendell Willkie are two New Deal policies: 1) direct competition with the utilities through such projects as TVA and Bonneville Dam; 2) abolition of all except geographically integrated utility pyramids, which is a main feature of the Utility Holding Company Act of 1935. Result has been the bitterest of all the battles between Franklin Roosevelt and Big Business and the loser has been the nation: instead of spending their normal $700,000,000 a year in expansion and replacement, the utilities have been getting along on $130,000,000. When renewed Depression...
...York Stock Exchange (see p. 51), several weeks ago set out to do as much for the utilities. He invited Wendell Willkie, Chairman C. E. Groesbeck of Electric Bond & Share and President James F. Fogarty of North American Co. to lunch, proposed that a neutral board of tycoons act as umpires in the battle against the Holding Company Act. Wendell Willkie objected and there was something of a row. The utility magnates wound up by having a conference with SEC Chairman William Douglas, then writing him a cordial note to say they had appointed a committee of five "to cooperate...
President Roosevelt promptly remarked that he was glad to hear of this olive branch and Bill Douglas, making his first comment since the Supreme Court upheld the registration provision of the Holding Company Act last month, declared in Electrical World: "We do not expect every utility system to present us immediately with a revised map showing revamped, integrated systems. Nor do we propose to draw such a map. ... the statute is not a 'death sentence.' On the contrary it holds the promise of a long life and a happy one. It substitutes order for chaos. ... We are ready...
Things are not so good for the Old Woman either. Last year Joe Nuelle left her to become president of Lehigh Coal & Navigation Co. and shortly afterward, she filed under Section 77 of the Bankruptcy Act. There is another rumor around the Stock Exchange and roundhouses: She may be divided up piece by piece among other Eastern roads, and a large piece will go to Delaware & Hudson...