Word: brokering
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Dates: during 1930-1939
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Rugged, red-faced James Norris is a rich Chicago grain broker, noted for his smart trading. He also owns the Detroit Red Wings (major-league hockey club). Last week when the Red Wings lost their seventh game out of nine this season, it was too much for Owner Norris. Dipping into his gold-lined jeans, he persuaded the league-leading Boston Bruins to sell Goaltender Cecil ("Tiny") Thompson for $15,000 (highest price ever paid for a goalie). No less shocked than hockey fans was Tiny Thompson (so named because he is so big), who had been with the Bruins...
...York and other financial centres last week the Securities & Exchange Commission began cleaning up an international "front money" racket. As uncovered by SEC on the West Coast, the racket works as follows: a broker with a luxurious office advertises he can obtain capital up to $100,000 for persons with ideas or assets to capitalize. The sucker pays $250 to $2,500 to file a prospectus, smaller fees to organize a corporation and qualify its securities in New York. One Paul E. Reinhardt, front man for front money in Los Angeles, told SEC that for none of his 150 clients...
Hollywood, to whom such phenomena should be as interesting as a $1,000,000 bank balance to a Wall Street broker, remains as stubbornly unaware of Autry as other U. S. population centres. Autry pictures rarely play in major Los Angeles theatres, and Autry is seldom recognized on the rare occasions when he appears in public. Irritated by his obscurity, the cinema's most popular star draws attention to himself by wearing cowboy clothes off screen as well as on, has a special white gabardine cowboy suit for evening wear. He takes off his cowboy suits only...
...Broker Dennis advocated severe penalties for radio stations permitting such swing raids. Immediate cause of this protest was a broadcast swing version of Bach's D Minor Toccata. Scolded indignant Mr. Dennis: "By no stretch of the imagination could such performances be tolerated except by people of no discrimination. If this is permitted to go unchallenged, swing renditions of the Mass in B Minor will follow...
...Main points: 1) more frequent questionnaires and auditings of member firms; 2) prohibition of margin transactions and the maintenance of margin accounts by member firms and partners doing business with the public; 3) establishment of a 15-to-1 ratio instead of the present 20-to-1 between a broker's indebtedness and working capital; 4) separation of brokerage and dealer capital; 5) all loans by members, unless fully secured, must be reported; 6) statements on underwriting position to be filed weekly; 7) a central depository to be set up to hold customers' funds now held by brokers...