Word: acted
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Dates: during 1930-1939
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...behalf of the U. S. utility industry, Electric Bond & Share, largest utility holding company, last week presented a brief to the U. S. Supreme Court attacking the Utility Holding Company Act of 1935. On behalf of the U. S. Government, Messrs. Homer Cummings, Robert Jackson, Thomas Corcoran and Ben Cohen simultaneously filed a brief which asserted, among other things, that if Congress has the right to curb white slavery and bootleg liquor it "certainly is not without power to curb financial chicanery and abuses which have brought ruin to millions." Thus, after over two years of catch-as-catch...
...Utility Holding Company Act of 1935 provided that all utility holding companies must register with SEC under the penalty of being forbidden to use the mails and the facilities of interstate commerce if they did not. SEC would then have the power to control their financial and security transactions and, under the "death sentence" clause, to force simplification of any utility pyramid into a single geographically integrated system. Many utility holding companies not only refused to register but declared they would get injunctions against the whole Act. SEC then agreed to hold the Act in abeyance while it brought...
...once united front against the Act no longer exists. Many realists in the field have taken a full measure of the Act and have concluded that they can and will live and prosper under it.... Yet I see these men under the whiphand of New York finance, paralyzed into inaction. I see realists chafing under the domination of these bankers who are forestalling them from moving forward to obtain equity money which the companies sorely need.... These are grave disappointments...
Early attempts to get the U. S. to join in international cartels were thwarted by the anti-trust laws. But in 1918 the Webb-Pomerene Act was passed which had the effect of enabling U. S. businessmen to join up provided that no restraint of trade within the U. S. was involved. U. S. businessmen joined up both officially and unofficially in many cartels, including those for heavy chemicals, rubber and copper. But steel has refrained chiefly for the reason expressed by onetime President W. A. Irvin of U. S. Steel: "With 49% of the world's capacity...
Last week 4,500 Manhattanites paid $12,000 to cram the Metropolitan Opera House while Yehudi Menuhin and his pretty 17-year-old sister Hepzibah played Beethoven's C Minor Sonata for violin and piano. Touching as a brother-sister act, the performance, on its piano side, was far from record-breaking...