Word: groupe
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Dates: during 1930-1939
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Into the office of Franklin D. Roosevelt one day last week filed a hundred-odd Washington correspondents, for the President's usual bi-weekly press conference. As usual, the reporters fell into two groups: 1) those assigned exclusively to cover President Roosevelt's activities, 2) other correspondents and their newspaper friends. Members of the first group drifted toward the front of the room, as usual, and as usual the United Press's tremendous Fred Storm lowered himself into his special chair so that those in the rear could see past him. Franklin Roosevelt gripped a long cigaret...
...held themselves coolly aloof from competition for security issues. Their position is that terms reached in direct negotiations with a single underwriter, thoroughly familiar with the financing company, are more likely to be best for borrower and investor than those that come out of a fierce competition among a group of bidding underwriters. Competitive bidding, they hold, "tends to overpricing the issue . . . and to subsequent dissatisfaction and losi of credit and good will of the borrower...
...added this to Bond & Share-New Deal good-will and the chances of more SEC-holding company deals. Result: the Dow-Jones average of 15 utility stocks rose for eleven consecutive days, making the second quarter of 1939 look like a straight line advance for at least this group...
...March 1931, when U. S. business began a steep two-year nose dive, United had increased its assets to a peak of $594,603,470. Two years later during the famed investigation which sired the Securities Exchange Act, Inquisitor Ferdinand Pecora brought out that at that peak the "United group" controlled 22-to-23% of U. S. electric production, some 22% of gas output; and that its half billion dollars of common stocks had brought under Morgan domination a utility empire* ("worth...
Clustered in the 500-seat auditorium of Philadelphia's Chamber of Commerce, 150 well-dressed, solemn delegates met one day last week in the 14th annual convention of the tiniest national group in U. S. finance: the National Negro Bankers' Association. Through the day they listened to many a solemn paper on subjects that the august American Bankers Association might have scheduled: profitable use of FHA mortgages, handling of bond accounts, ways of boosting depressed bank earnings...