Word: bonde
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Dates: during 1940-1949
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...together in 1929, is subject to Morgan political control. Describing the demeanor of United's George Howard toward Morgan's George Whitney as one of "courteous fealty," SEC decided there was control. It added that Morgan, Stanley had, since its formation in 1935, obtained substantially all bond underwriting done by all the companies in the United system; and that it has headed no utility financing outside the United group...
Next crackdown hit two of the industry's three recalcitrants-Engineers Public Service and Commonwealth & Southern. (The third, Electric Bond & Share, has been growing more compromise-minded.) E.P.S. was told to choose between a system based on its Virginia or on its Gulf States properties. Crying "unconstitutional," E.P.S. threatened suit. C. & S. was told to base its future on its southern or its northern properties (the proceeds of the sale could be used to pay off some preferred arrears). Replied C. & S.'s spokesman, Lawyer George Roberts: "To say that we were shocked ... is to put it mildly...
...setting and characters. But one cannot deny that Kempton's picture of Harvard life is thoroughly realistic and well-written. Oliver's students, his wife, his daughter, his mother-in-law, and, above all, Oliver himself, are unquestionably genuine. You can't help feeling a common bond with a fellow who dislikes the Widener steps because they are too insignificant to take one at a time yet too broad to take two at a time...
Although some bankers think of their trouble as beginning with the New Deal, it goes back much farther. In 1923 U. S. commercial banks had more than half their active funds in commercial loans. Then corporations took to financing them selves in the hungry stock and bond mar kets instead of at the banks. By 1929 the banks had only 39% of their funds in commercial loans; it was chiefly their volume of brokers' loans that gave them the appearance of great prosperity. What the corporate financing of the '20s started, the New Deal finished. The Treasury...
...outlet for their idle money, banks were forced to turn to Government securities and high-grade corporation bonds; their competition for these securities pushed up prices and pressed down hard on interest yields. The yield on long-term Government bonds dropped from 3.68% in 1932 to 2.21%, on short-term Treasury notes from 2.77% to 0.5%. With the bulk of their earning assets drawing this meagre return, the banks have been hard put to make profits. Net earnings of member banks ($715,000,000 in 1929, before gains and losses on investments) have hovered around $400,000,000 a year...