Word: franked
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Dates: during 1930-1939
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...Appointed a new head of the Farm Credit Administration. Accepting "with sincere regret" the resignation of FCA Governor William I. Myers, who is returning to Cornell to teach, Franklin Roosevelt promoted Deputy Governor Forrest Frank Hill to his job. "Frosty" Hill has been with FCA since it was created in 1933 to merge a handful of uncoordinated agencies and save the U. S. farmer from foreclosure. As a boy he worked on a wheat farm in Saskatchewan, got a first-hand knowledge of soil problems. A shrewd banker with an incredible memory for figures, Governor Hill still talks like...
...Washington last week highdomed SEC Commissioner Jerome Frank lay in bed suffering with pneumonia. But even as he did so he added a chapter to depression economic philosophy. Before a meeting of the National Association of Securities Commissioners in Kansas City, husky SEC Lawyer Chester Lane read a speech that Commissioner Frank had written, a speech that excited comment in financial circles, drew even an approving nod from the arch-Republican New York Herald Tribune...
...Frank's thesis was embodied in a question "Is it perhaps not desirable that the bulk of long-time financing of our major American industries should hereafter be done through the issuance of shares of stock, rather than by borrowings through the issuance of long-term bonds?" Taking the railroads as the classic example of an industry weighed down with fixed charges,* he pointed out that when a railroad fails, bondholders suffer just about as much as preferred stockholders...
What is true of railroads, Mr. Frank held, is generally true of other industries...
...Jerome Frank's theory is another approach to the problem: not to prevent saving but to prevent it from being translated into fixed charges. Emphasizing that his proposal was not officially inspired, he pointed out its major difficulty: the necessity of changes in State laws to allow banks and insurance companies to invest in stocks. Preferred securities he maintained would be just as sound investments for banks if they carried voting control when dividends were in arrears, thereby giving preferred stockholders the right to force a change in management...