Word: firming
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Dates: during 1930-1939
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When E. A. Pierce & Co. took over the brokerage business of Merrill, Lynch & Co., the firm acquired, in addition to a wire system, a large retail sales and stock commission organization and entered investment banking on a large scale. It had previously participated in some offerings (Phelps-Dodge, Curtiss Airports, Petroleum Corp.), but never before was a large factor in distributing securities. To some Wall Streeters this recent vigorous expansion has suggested that E. A. Pierce & Co. cash-rich, is taking advantage of bargains. Other observers believe that little cash has been used. They say that E. A. Pierce...
Next year in Paris will be held the French International Colonial Exposition. U. S. exhibits will be housed in a reproduction of George Washington's Mount Vernon home and in two wings, the plans of which were completed last week. A U. S. firm has been awarded the construction contract, an award surprising to persons who have not followed developments in the home-building fields. Builder of Mount Vernon for France will be Sears, Roebuck & Co., potent Chicago mail-order house...
Sears, Roebuck's entrance into home-building was first thought of about 18 years ago by Chairman Julius Rosenwald. In charge of the department at present is Harvey Louis Harris, 36, whose father was one of the Harris Bros, whose firm demolished the Chicago World's Columbian Exposition (1892) and St. Louis Louisiana Purchase Exposition (1904) buildings. Under the trade-mark of Honor Bilt homes, Sears, Roebuck's activity in this field is growing every year...
...which can overtake a member. Last week Exchange President Richard Whitney mounted the rostrum and trading was halted while he announced that two members had been found guilty of highly improper conduct, expelled. The men were G. Lisle Forman and Morrison B. Orr, floor partners of the recently insolvent firm of Prince & Whitely (TIME, Oct. 20). Already shocking to Wall Street, the affairs of Prince & Whitely loomed even more unpleasant after this official verdict...
...close of trading, to jack up their prices, Prince & Whitely had obfuscated its true position on June 30 when the Exchange sent out a questionnaire. The rest of the indictment concerned the relationship between Prince & Whitely and Prince & Whitely Trading Corp., an investment trust sponsored and managed by the firm. The Exchange found that Prince & Whitely partners, as directors of the trading corporation, had caused the corporation to lend $1,500,000 on an unsecured note of J. M. Hoyt & Co. J. M. Hoyt was the senior partner in Prince & Whitely, and the $1,500,000 was used to better...