Word: laments
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Dates: during 1960-1969
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Shortly before 10:45 a.m. on April 16, 1964, Thomas S. Lament stepped away from the Manhattan board room of the Texas Gulf Sulphur Co. and phoned an officer of Morgan Guaranty Trust Co., of which Lamont, 66, is retired vice chairman. The Texas Gulf board meeting had broken up, and Director Lamont advised the banker to watch the Dow-Jones ticker for good news about the company. Ever since, Lamont has been troubled by that phone call...
...bank officer, Executive Vice President Longstreet Hinton, interpreted Lament's message as a confirmation of rumors, which had been circulating for days on Wall Street, that Texas Gulf had struck an ore bonanza near Timmins, Ont. Between 10:45 and 10:59, Morgan Guaranty bought 8,000 shares of Texas Gulf for its accounts, including 3,000 shares for the Nassau County (N.Y.) Hospital. Morgan Guaranty paid between 321 and 34 for stock that rose to a high of 37 that day (last week it closed...
Though nothing was bought for Lament's personal account, the Securities and Exchange Commission has charged that Lamont took advantage of his insider's information (TIME, April 30). That is a damaging accusation against the son of J. P. Morgan's late partner, Thomas W. Lamont, and a prominent Wall Street personality in his own right. In addition, the SEC seeks to have Lamont "make restitution" to the shareholders from whom Morgan Guaranty bought its stock-that is, pay them what they would have earned had they held on longer. A U.S. district court would assess...
...last month, he stressed that one of the disquieting similarities between the 1920s and the 1960s is "a large increase in private domestic debt." Martin and some other credit experts are concerned about the spiraling of corporate debt, which rose 61% last year, now tops $400 billion. They also lament the "sloppiness" of the debt-meaning that eager lenders are reaching downward to extend credit to borrowers who never before would have qualified for it. To moderate the rapid growth of credit, the Federal Reserve has been tightening up slightly on interest rates and the money supply. But credit...
District Court held Lament's case to be moot. In San Francisco last fall, how ever, a Danish journalist named Leif Heilberg won his case hands down in the same kind of court when he sued for unimpeded delivery of a Chinese Communist magazine printed in Esperanto...