Word: law
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Dates: during 1930-1939
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...Sharpened its vigil against monopoly in the oil industry. A 1935 law stipulates that no one operator, individual or corporation may hold more than 2,560 acres of oil land in any one petroleum structure or 7,680 acres in any one State. Big companies have dominated more territory than this, however, through prospecting permits and operating contracts with prospectors. Last week Secretary of the Interior Ickes ruled that the companies must include such territory in their list of holdings and (he total must cleave to the law. Object: to keep down overproduction, give wider scope to the small independents...
...Considered licensing all companies doing interstate business. SEC proposed the idea to protect investors from a number of abuses it has unearthed in various corporate reorganizations and to counteract a general laxity of corporate law in certain States. Alternate proposal: use of taxing power to make more difficult incorporations under the statutes of these lax States...
Born in St. Paul 48 years ago, Paul Shields grew up in Canada where his father was president of Dominion Iron & Steel Co. He graduated from Loyola, flunked out of Cornell Law, sold real estate, took a crack at investment banking and in 1923 went into the brokerage business for himself. Presently Shields & Co. was one of the largest wire houses in Wall Street with offices in 16 U. S. cities, four abroad. Paul Shields became something of a yachtsman and golfer, and his step-daughter married Gary Cooper, but reform in Wall Street remained his chief interest...
...custodians of free cash balances of $245,562,000 belonging to customers. After sampling 60 presumably representative firms with aggregate free customers' balances of $51,349,000, Exchange accountants last week confirmed Mr. Simmons' assertion. The Exchange discovered a general disregard of a joint opinion of seven law firms representing the largest brokerage firms on the Exchange. This opinion, written in 1934 as an aftermath of the Banking Act of 1933 which divorced deposit banking from underwriting and brokerage, held that brokerage firms could legally keep their huge customers' balances so long as they segregated them...
...took martial law in two States and the best efforts of Secretary Ickes and the NRA to get the price up again. When NRA went out, oilmen relied on proration: no well in the East Texas field was allowed to run off more than a fixed amount (now an average of 20 barrels a day), and an Interstate Oil Compact, promoted by Oklahoma's Governor Ernest Marland, spread production control to six States-Texas, Oklahoma, Kansas, New Mexico, Colorado, Illinois. Carefully the price was built back...