Word: brokering
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Last week in a hotel at Augusta, Ga., the two top men in the U. S. cotton business spoke their thoughts on cotton's future. They were the tall, urbane Texan Will Clayton, whose Anderson, Clayton & Co. is the world's No. 1 cotton broker; and short, portly Oscar Johnston, No. 1 grower, whose plantation operations in Mississippi-50,000 acres worked by 3,000 farm hands-produce 16,000 bales of cotton a year. Will Clayton is a polished internationalist, a business diplomat who is now a Deputy Loan Administrator for Jesse Jones. Oscar Johnston is rooted...
...that after World War I the foreign cotton market soared.) He also placed faith in the Council's fight for greater domestic consumption. He even preached cotton hosiery. When he reproached American girls for running around with silk stockings "like yellow-legged pullets," the wife* of a retired broker named William Henry Wallace Jr., sitting in the front row, lifted her grey skirt to her knees and displayed naming red cotton hose...
...Deal. From 1934 to 1937, as the liquidator of the old Hoover Farm Board cotton surplus, he managed to unload some 2,500,000 bales on the market without once breaking the price below 12?. In the process, he made the Treasury a fat profit in futures, and infuriated Broker Clayton who, for the first time in years, had to watch someone else make the market. Johnston also got $363,002,57 in AAA checks for the acres he abandoned from...
...Dillon, Read) and to big exchange members, such off-the-market distributions have been a lucrative sideline to regular business. But the rank & file of Stock Exchange members have had to stand by and squirm while a lot of potential commissions went over the counter & far away. Many a broker wondered last week whether the Big Board was about to become merely a device for establishing quotations, while the business went elsewhere. Their only consolation: that big blocks of stock like Harkness' are being distributed into small investors' hands, whence it is likelier than before to return...
...Brower is a piccolo-sized (140 lb.), tuba-voiced salesman who once dealt in dry goods in Omaha, now is an insurance broker in Shenandoah, Iowa. Three weeks ago Brower heard of a law* which requires the Government to advance premiums for two years (in the form of interest-bearing certificates) on life insurance up to $5,000 carried by National Guardsmen, volunteers and conscripts taken into the Army...