Word: dealing
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Dates: during 1930-1939
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...drive to deprive him of his unprecedented monetary powers the President had parried (TIME, July 10). But within six historic days: the legal authority of most of the "alphabet" administrative agencies set up under the New Deal was gravely threatened, its Labor program was imperiled, its yardstick utility plan was circumscribed and back to the State machines went a great share of the political power that Franklin Roosevelt had spent six years gathering into Federal hands. Hardest blow of all landed on his nose, which the Senate feared he wanted to stick too far into international power politics...
...system's operating units at cost. Next, Groesbeck pulled out of the TVA fight, selling four operating companies to Government competitors, leaving Willkie (of whose Commonwealth & Southern system Bond& Share is a 5% owner) to shift for himself, taking a loss of $2,433,209 on the deal. Finally, Groesbeck submitted to SEChairman Douglas a scheme for integrating his multi-regioned system which sprawls across 33 States, embraces 119 companies, and looks as hard to hook into one chain as the Appalachians and the Rockies...
...deal was ancient financial history in 1936 when stockholders sued, claiming that the profit rightfully belonged to the company, not the directors in the syndicate. The members of the syndicate replied that the corporation neither wanted the stock nor was in a position to buy it and that the syndicate bought it to protect the corporation from Mr. Markle. Nonetheless, bushy-haired Justice Ferdinand Pecora returned a thumping judgment against Morris & friends for $443,202, including interest. Last week, Justice Pecora's judgment having been reversed on the first appeal, New York's Court of Appeals (last resort...
...Bond & Share) is an operating man, trained climbing poles instead of chasing commas. Hard-boiled Mr. Groesbeck, who goes his own way, is also different in another respect. He figures that the Administration has the money and the power, that there is more percentage in trading with the New Deal than in bucking it. Last week this notion of his began to pay dividends...
Last week, Wall Street noted that power production for the week ending July 1 was 14% ahead of last year and slightly ahead of 1937, added this to Bond & Share-New Deal good-will and the chances of more SEC-holding company deals. Result: the Dow-Jones average of 15 utility stocks rose for eleven consecutive days, making the second quarter of 1939 look like a straight line advance for at least this group...