Word: boarding
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Dates: during 1930-1939
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...presage a major catastrophe such as occurred in 1929, this low figure was a bulwark of optimism. It proved that Wall Street credit was not over-extended as it was in 1929 when brokerage loans toted up over $8,000,000,000. Except for this strong argument the Reserve Board would almost certainly not have yielded to the Wall Street demands for lessened Government restriction...
Having yielded so much in the unpopular direction of Wall Street, the Reserve Board last week made a gesture in the opposite direction. In deference to amateur economists who believe that short selling by wolves of Wall Street is responsible for all recessions in stock prices,* the Board, for the first time in its history, imposed a margin requirement on short selling- 50%. This gave the impression that bears were to be regulated more strictly than bulls, who are now permitted 40% margins...
Heretofore it has been considered beyond the Reserve Board's legal powers to restrict short sales and that job has been left to the stock exchanges. The New York Exchange has long imposed a margin requirement of ten points on any stock sold short. For a stock selling at $1 this meant not 50% but 1,000% margin. For the average priced stock it meant about 35%, but this was only a minimum and many a brokerage house upped it as high as 50% in special cases. On the 7,000,000-share "black Tuesday" fortnight...
...vice president of General Motors, made him vice-chairman of the all important U. S. Steel finance committee, succeeding a man twice his age (TIME, Dec. 25, 1933). Since then it has been generally expected that Ed Stettinius would be Myron Taylor's successor as chairman of the board of directors. Last week, announcing that next April he would step down from the chairmanship, Myron Taylor made good this expectation...
...Maudlin's thesis of Morgan control was supported not by evidence of security ownership but by the debatable theory of interlocking directorships-i. e. if a Morgan partner sits on the board of Guaranty Trust and a Guaranty Trust official sits on the board of a coal company, then the House of Morgan controls the coal company-not to mention the Guaranty Trust. But Governor Earle promptly opened up on "the witch doctors of Wall Street...