Word: free
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Dates: during 1930-1939
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...week's end France was confident that a satisfactory deal could be made with Italy which would necessitate giving up only a few of the concessions demanded by Italy-such as a free port at Djibouti, the Addis Ababa railway, and a share in the Suez Canal. But England was confident three weeks ago that Adolf Hitler would behave himself. As for the Italian people, they were anxious for glory but somewhat jittery. Signor Mussolini closed his speech with an old Fascist motto: "Believe! Obey! Fight!" The Italians knew whom to obey, but just what to believe and whom...
Last week Dr. Jerger journeyed to Washington to see how his case would look to Assistant Attorney General Thurman Wesley Arnold. Meanwhile, in Manhattan, he eased his mind: "Mark Twain told me that this was a land of free speech and liberty. Well, so it is, but Dr. Fishbein [Morris Fishbein, A. M. A. spokesman and Journal editor] is a dictator, a Hitler. I believe in organized medicine. Socialization is fatal. But the trouble here is too much concentrated power, power that will not stand for criticism. So I am going down to Washington and see what can be done...
Though smart operators can make money by straight buying and selling of Government issues if they watch the market carefully, or by arbitrage if they can detect unwarranted price spreads between different issues, Sylvia Porter thinks the softest touch in the Government market is "free riding." When the Treasury invites subscriptions for a new issue, anyone can write himself down for a block by depositing 10% of the purchase price on the line, the balance payable on delivery. Because the Treasury takes care to make new issues attractive, they invariably command a premium over the par purchase price, thus anyone...
...Treasury used to encourage small investors, and inadvertently small free riders, by honoring all single bond subscriptions before prorating its oversubscribed issues to big bidders. Last fall the Treasury hastily changed this allotment system after an article in Scribner's called small investors' attention to the possibilities. But S. F. Porter, who wrote that article, thinks free riding will remain a profitable sport so long as the Treasury can successfully finance its issues...
Sylvia Porter herself has taken free rides on ten Treasury issues, has each year doubled in this and other ways the capital she put into the Government market. She speculates with the help of complicated graphs, for which her husband, Reed Richard Porter of Irving Trust Co., has to do the arithmetic. In what spare time remains, she plays the piano, goes to the movies, and writes fiction that thus far has impressed no publisher...