Word: gerarde
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Deputy Rev. John Howard Melish of Brooklyn who helped write the report pointed out that many of its recommendations were quoted from or based on statements of Gerard Swope, Owen D. Young and Supreme Court Justice Louis Dembitz Brandeis. Nevertheless, upon Deputy Wickersham's complaint the House of Deputies deleted the House of Bishops' recommendation ("representing the mind of the Church"), said merely that the report was "given careful consideration...
When Lawyer James Watson Gerard, onetime (1913-17) Ambassador to Germany, arrived in Manhattan from Europe last week he was in a critical mood. He said President Hoover should up and say Prohibition is nonsense. He chided Manhattan's bankers for paying more attention to Germany than the U. S. He scolded big corporations for not giving out intelligible statements; he and Mrs. Gerard have some 2,300 shares of General Electric and he defied "any one to tell from the statements of this company what it is doing." Because Mr. Gerard has previously been known...
...this Gerard interview was only a prelude to a week replete with attacks on methodical bears. A few days later Law yer Gerard declaimed that shortselling is illegal because it is gambling, is as bad as setting fire to property. "It is selling something which the seller has not got and which he hopes to buy at a lower price, that lower price being made possible by the mere fact of the sale. . . . The result is that the stock which the small investor bought on margin ... is actually used as a club against...
...Street has pat answers to this attitude, it became apparent last week that more than pat answers may be necessary if anti-bear legislation is to be headed off. The first attack on bears will probably come from the New York Legislature. Through his business associate, Patrick Sullivan, Mr. Gerard last year presented a bill to make it necessary for a broker to obtain the written consent of an owner of stock before it can be loaned to shorts. The bill was shelved but will be aggressively revived this session by Assemblyman Sullivan, nephew of the Timothy Sullivan who sponsored...
While the story Mr. Flynn tells is true he offers no alluring remedies. He does, however, make a few improving suggestions. Among these: that corporations should adopt uniform accounting methods (a suggestion made last week by Gerard Swope-see p. 16); that lists of stockholders should be made public; that directors should be drafted from genuine investors in the company, not tycoons who may have other interests at heart or who pay no attention to the position. He would have no holding companies, would have no company own stock in another except in rare cases. As for general Cumshavian tendencies...