Word: bonding
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Dates: during 1930-1939
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...depository for customers' funds now kept helter-skelter in brokerage houses; 2) a trial segregation of broker-dealer functions; 3) assumption by the Exchange of full policing duties so that SEC will not have to patrol Wall Street; 4) plans for increasing the volume of bond trading on the floor; 5) possible rearrangement of commissions. So long as the market continues to climb, these or any other reforms should not be difficult. If the market crashes, Martin expects to be the goat...
...smooth-running in Mr. Ickes' pump house, however. With two mayors at opposite ends of the land he was having trouble. Mayor Angelo Rossi of San Francisco had only with difficulty been persuaded to move up from November to September a bond issue referendum to enable San Francisco, with PWA help, to buy the Hetch Hetchy power lines. And Mayor Maurice J. Tobin of Boston was, to Mr. Ickes' way of thinking, being extremely annoying in the matter of Boston's new city hall. Granted $1,125,000 toward this edifice, Mayor Tobin turned it down, instead...
Other factors also made U. P. & L. the perfect SEC choice. Promoter Harley Clarke threw together this "scatteration" of properties in 588 communities in 24 States and Canada in the 1920s, then floated three stock issues and two bond issues. By 1935, when U. P. & L. debentures sold as low as 20¼? on the dollar, Floyd Odium's big investment trust. Atlas Corp., bought up enough of them to gain control in a complex deal with RFC. which had its hands on Harley Clarke's key holding company (TIME, July 22, 1935). Harley Clarke was soon shoved...
...Judge Homer A. Fuller that they need not pay a cent or serve a day if they called off their strike. As astounded by this remarkable punishment as attorneys in Judge Fuller's courtroom, C. I. O.'s Carey appealed, chose imprisonment but was released on bond, announced: "I was faced with six months in jail . . . [or] a lifetime with my conscience. . . ." This week an arbitration board set up by Governor Kraschel proposed that Maytag take back all hands at full pay, pending negotiation. Maytag having refused, back-to-workers went back to work, strikers continued their strike...
Marketed last week, at record low interest rates for industrial bonds, was a Standard Oil Co. (N. J.) $50,000,000 issue of 15-year, 2¾% debentures and a$35,000,000 issue of serial notes yielding from 1¾% to 2½%. In early bidding the debentures jumped to a premium of 99½ (formal price was 99), while the notes (priced at 100) went to a premium of ½ point. Same day Crown Cork & Seal Co., Inc., sold $10,000,000 in 4½% debentures at 99. These offerings were the first sign of life...