Word: broker
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...marshaled the Townsend hordes into a potent and profitable political army. In Washington last week, day after he was summoned to appear before the House investigating committee set up to destroy the Townsend threat (TIME, March 2), this 41-year-old onetime Long Beach, Calif, real estate broker announced his resignation from Old Age Revolving Pensions. His stated reason: "Differences with Dr. Townsend over fundamental policies...
...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...
...months every broker's board room has harbored its disgruntled delegation of "sold-out bulls"-traders who bought for the advance but were scared by its speed. They took good profits, then wryly watched their favorite issues double, treble, sometimes quadruple in value after they had disposed of them. Some stocks stood still, some are now far below their recent highs and a few actually declined. But, after each little dip in the market, prices in general have gone...