Word: investable
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Dates: during 1930-1939
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...Committee on which the New Deal's very power-minded Corcoran-Cohen organization was also represented. Mr. Johnson rounded up the topflight utility bosses (one of whom, white-mustached, aristocratic Hobart Porter of American Water Works, once used him as a Washington lawyer), got them to pledge to invest up to $1,000,000,000 a year on war emergency plant in 1939 and 1940. One power executive remarked: "They wanted ballyhoo and we gave it to them." Less than $500,000,000 was actually spent...
...help worried trustees, the State of New Jersey two years ago enacted a law broadening the field of investment for trusts. Last week, Newark's Chancery Court upheld the legality of the law, then went further: it issued a list of common stocks in which New Jersey trustees can legally invest...
Bishop Ablewhite had, according to the Tribune, discovered shortages in diocesan funds soon after his consecration in 1930. One fund, which had shrunk from $40,000 to $30,000 was in the bishop's discretion to invest as he liked, and use for good works of any kind. In an attempt to recoup the losses, the bishop became involved with a promoter, one Harry S. Lyons, who called himself a onetime Navy captain. For a time Lyons made money for Bishop Ablewhite, and during these palmy days the two, sometimes with their wives, frequented Chicago nightspots. Finally, said...
...T.W.A., American, Pan American and Eastern with a bold proposition: let them finance a common plane that would standardize equipment. Such a plane he foresaw as the DC-4. It would carry 42 passengers, four engines, travel at 240 m.p.h. Six months later the Big Five contracted not to invest in any transport heavier than 43,500 lbs. other than the DC-4. Each company could then be dealt one apiece for as many rounds as they mutually agreed upon. If, however, none spoke up, United would get the first off the assembly line...
United has still to invest the remaining $5,500,000 of its market fund, but prefers to wait a little longer-until Danzig pops or recovery clicks. Meanwhile, United's management also waits for opportunities to switch out a wad of its $144,528,214 of utility stocks, and use that capital to become an investment banker, underwriter and integrator to U. S. utilities and other major industries. If it does so, it will have enough capital to operate on a scale that will make other underwriters look puny-among them the still friendly Morgans, whose divorced Morgan, Stanley...