Word: cash
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Dates: during 1930-1939
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...inevitably drawn. At the start of the War foreign holdings of U. S. securities were between $2,000,000,000 and $3,000,000,000. As foreign markets swiftly closed, the New York Stock Exchange became the only possible place in the world where securities could be turned into cash on a large scale. At 9:30 A. M. on the last day of July the Governors bravely announced they would stay open, come what might. But the flood of foreign orders mounted so high in the next half hour that the Governors quickly changed their minds. The Exchange...
...Federal Reserve Board, which controls margins and credit, and Chairman James McCauley Landis of the Securities & Exchange Commission, which has the police powers. On leaving the White House, Chairman Landis said nothing. Chairman Eccles reiterated the well-known fact that the long rise has been largely a cash affair-a pronouncement which in another Administration might have been taken as a bullish tip straight from the White House. But the official attitude toward the stock-market was characterized in Washington last week as sternly "vigilant...
While the deflationary effects of sudden liquidation of the $7,000,000,000 worth of U. S. investments now owned abroad would be terrific, the inflationary effects of incoming capital is the Government's immediate problem. The money not only goes into the stockmarket in the form of cash but also goes as gold into the credit base, where it has ten times as much effect, a dollar of gold supporting at least $10 worth of credit. U. S. gold stocks are already at the incredible figure of $11,100,000,000, over one-half the world...
...property right received new sanction last week-but not precisely to the liking of the corporation involved-which was Wilson & Co. Last year this big Chicago packing house put through a recapitalization plan providing, among other things, for the payment of $12,600,000 in dividend arrears, not in cash but in stock. The payment was accepted as a satisfactory settlement by the owners of 99% of the shares affected. Among the holdouts was a Wall Streeter named Joseph Keller, who figured that if back dividends were to be paid at all he was entitled to hard cash...
...lower courts stockholder Keller lost, the ruling being that a vote of the majority of the stock was binding on the minority. Last week on appeal, however, the Delaware Supreme Court reversed that opinion, holding that Stockholder Keller and his fellow holdouts were indeed entitled to cash. Said the high court of Delaware: "Property rights may not be destroyed...