Word: bond
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Dates: during 1930-1939
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...utility industry it has lately become apparent that the New Deal handwriting is on the wall. Last month legalistic skirmishings ended when Chairman C. E. Groesbeck of Electric Bond & Share agreed to file integration plans in keeping with the holding company ''death sentence'' (TIME, Oct. 24). Last week the industry poked a hole in the dam that has held back some $3,000,000,000 worth of replacements and expansions in the last two years. On the face-saving excuse that the utilities must be geared for national defense, 16 potent utility financiers on the National...
...time Richard Whitney & Co. handled about 30% of J. P. Morgan & Co.'s bond orders...
Year ago New York State Superintendent of Insurance Louis H. Pink started hearings on the matter, suggested a sliding interest scale based upon highest grade industrial bond yields plus 1% for expenses. The insurance companies at first opposed any reduction at all, insisting that it would increase the cost of all insurance by forcing investment in short-term securities and reducing interest earnings, would decrease dividends to policyholders (non-borrowers as well as borrowers), would encourage borrowing for speculation during prosperity, and during depression would tend to cause a run on life insurance companies...
...When the President quipped that Electric Bond & Share's long-awaited acquiescence to SEC's holding company regulations showed that the utilities' "death sentence" was really a "health sentence" (see p. 56) a newshawk asked: "You wouldn't call it a life sentence...
Biggest crab apple in the barrel of discord has long been Electric Bond & Share Co., which led the fight against the Public Utility Holding Company Act ("death sentence") requiring that utility empires be reorganized into geographically integrated systems with no more than one intermediary holding company between the operating companies and the top. But last spring the Supreme Court ended a long SEC-E.B. & S. court fight by deciding that the clause of the act requiring all the holding companies to register with SEC was constitutional...