Word: impound
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...Corporation will impound all war-material surpluses-machinery, tools, raw materials, even military and naval camps, barracks and flying fields-in one tremendous reservoir. Sales will be controlled. The trick will be to release material slowly enough to avoid a market glut and unemployment, fast enough to prevent equipment's becoming obsolete...
This particular phase of Wall Street's long fray with SEC started in February 1940, when Morgan Stanley agreed to let SEC "impound" the fees due them on a Dayton Power Co. bond issue, until SEC made sure the bankers were no "affiliate" of the utility. At the time, this seemed like a mere formality to Morgan Stanley; they certainly were not affiliated with Dayton Power, the money was just as good as theirs. But it wasn't. Last April (TIME, April 14) SEC (in what Morgan Stanley termed a "fantasy") declared Morgan Stanley was a Dayton Power...
...Instead of taxing away all this excess, Keynes's plan would tax only part of it, impound the rest into savings accounts.' After the war. these compulsory savings will be returned with interest, giving war workers a stake in the Peace and also providing a cushion of consumer spending for the post-war slump. Only alternative, besides runaway inflation, says Keynes, is to peg the price of everything as Germany has done...
...Securities' cut would have been $48,000 (based on their original plan to take $2,400,000 of the issue). Since SEC has not yet decided what to do about the underwriting fees of banking houses found to be "affiliates" of utility holding companies, Mellon Securities proposed to impound its money...
...there is liable to be an absence of arms' length bargaining"). The Commission chairman, Majority Spokesman Jerome Frank made clear the irrelevance of competitive bidding "since there is concededly no rule row in effect which requires such bidding." To speed matters up, Morgan Stanley and Bonbright agreed to "impound" their cut of the proposed $28,594,000 bond issue, do all their work for glory alone, if the Commission later found them to be C. & S. affiliates. The Commission accepted this offer, decided (New Dealers Henderson and Eicher again dissenting) to table the "affiliates" question...