Word: fitch
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Dates: during 1930-1939
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...Fitch Gilbertt† announced that she has offered a stake of $2,000 for three-gaited horses at the forthcoming National Horse Show to be held in Manhattan in November. Stipulation: the horses cannot have set tails, a fashion which requires cutting the flexor muscles of a horse's tail, holding it in an iron "bustle" (except while in the ring or on the bridle path). Because her donation is $1,000 larger than any other Horse Show prize, Mrs. Gilbert hoped to lure horse-showers away from a cruel fashion...
...ordinary typewriter, can be operated by any typist, can handle invoices, statements, inventories, any size paper, complicated or simple forms. More versatile than teletype, radiotype is also twice as fast, can transmit and type 120 words a minute. Stocky, blond Inventor Lemmon is working with Assistant Engineer Clyde Fitch on attachments to make radiotype do and transmit the work of adding machines, cash registers...
Ratings was another prime topic oi conversation among last week's frolicking bond men. For many years banks buying bonds have generally relied on the ratings published by the four big statistical services-Standard Statistics, Moody's, Poor's and Fitch's.* In 1936 the Comptroller of the Currency made this custom a requirement in cases when bonds are of doubtful value. Last January a research economist at the University of Chicago with the resounding name of Melchior Palyi took it upon himself to denounce this setup. Said he: "The ruling of the Comptroller...
Rating agency officials retorted that they did not suggest the Comptroller's action, that the record of the 9,000 bond ratings is top-notch and their best defense. Only one of the four to put these ideas into print is Fitch's, now preparing a book. Meanwhile, Associate Professor Gilbert Harold of the University of Oklahoma produced a book called Bond Ratings as an Investment Guide, concluded: "The ratings operate quite effectively to protect the investor against loss. . . . The record is not perfect . . . but it is certainly beyond reasonable criticism...
Last week Wall Street was still chuckling over an incident which somewhat supports criticism of the setup: Fitch's rated the recent $100,000,000 issue of U. S. Steel debentures as AAA (highest), Standard as A1 (second rank), Poor's and Moody's as A (third rank). Last week, too, Secretary of the Treasury Morgenthau revealed that the group which has been devising a uniform bank examination was also brewing substantial modifications of bond ratings and eligibility...