Word: marketeers
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Dates: during 1930-1939
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...buttonwood tree at what is now 68 Wall Street, a "seat" meant a seat in the trading hall. But as the Exchange expanded, seats became valuable less as certificates of participation in the tangible assets of the Exchange than as indications of the earning power and condition of the market. Seats were first offered for sale in 1868 when membership stood at 500. During the '70s they sold at about $5,000. By 1929 membership was up to the present 1,375, price of a seat reached $625,000. For his $59,000 Robert Haughey gets no seat, merely...
...Filed with President Gay last week, but not made public, was a report of a committee appointed to recommend some way to bond officers or insure market accounts against failure of a firm...
...because the interest is not due until November 1 and then only if earned, but the Santa Fe has made a practice of paying part of it on May 1. When last week it said it would fail to do so for the first time since 1896, the whole market for railroad bonds reeled...
...Woolworth Co. founders. Admitting that they were "babes in the woods," the new bosses of the Van Sweringen empire set put to simplify Allegheny's elaborate holding company substructure, have been lost in the woods ever since. Last fall's market crash forced Mr. Kolbe to liquidate his Alleghany holdings; the other two survived only to face a bitter attack by Wall Street wolves...
...moment to have the balance of power in the situation. For years it has held all of Allegheny's 71% interest in Chesapeake Corp. as collateral for three bond issues. By the highly unusual terms of the indenture, Guaranty may exercise voting rights on this stock whenever the market value of the collateral falls below 150% of the bonds' value as determined by quarterly appraisals, unless Chesapeake's owners restore the collateral to the 150% figure within 30 days. When the Vans were Chesapeake's owners, Guaranty never exercised this power, always gave its proxies...