Word: broker
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Dates: during 1930-1939
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...Harriman, a onetime Louisville belle named Grace Carley, married a broker cousin of the late Railroader Edward H. Harriman 45 years ago, has since been a prominent Manhattan socialite. A large, determined, forthright lady, Mrs. Harriman thinks it is a shame that millions of U. S. dollars are exported for the Irish Hospitals Sweepstakes and other foreign lotteries when they might be kept at home. People who agree with her to the extent of paying $1 to join her Conference automatically become eligible to enter a "Selection Sweepstakes." Here they are called upon to display their skill and judgment...
...that it cost Mrs. Mollie H. Laibson of Brooklyn to bear her baby in a first-class Brooklyn hospital last week was $8.50. If she had been less provident, this wife of an insurance broker might have paid something like $100 for the hospital delivery room and semiprivate room which she used last week...
...brokerage house employes whose thankless task it is to keep tabs on customers' accounts. For the guidance of the Federal Reserve Board, which administers the credit end of Federal stockmarket control, Congress suggested a dual formula for fixing margin requirements which has been in effect since 1934. A broker could lend a customer the greater of either: 1) a flat percentage (now 45%) of a security's current market value; or 2) 100% of the lowest price-since July 1933, so long as that was not more than 75% of the present value...
While it was about it, the Federal Reserve Board also slapped the same margin requirements on banks, which have hitherto been free to loan as much on stocks as they saw fit. From his broker a customer could borrow only 45% of the value of his stocks, but from his banker he could borrow possibly 75%. The Reserve Board took great pains to confine its bank margin rules solely to speculative borrowing. If his bank will accommodate him, a man can still pledge his stocks for, say, 70% of their value to buy a farm or build a house. Said...
...continuing requirements. The 55% margin must be met only at the time a loan is made or stocks are bought. If the stocks decline, the loan or brokerage account becomes under-margined, not in the eyes of the law, but from the viewpoint of the anxious banker or broker. The Reserve Board blandly insisted that this had been true all along...