Word: mellons
(lookup in dictionary)
(lookup stats)
Dates: during 1940-1949
Sort By: most recent first
(reverse)
...affecting State and local securities was another matter. Reason: opposition by municipalities and States'-righters. Townsmen, villagers and politicians girded their lobbyists last week for a death-&-taxes struggle with their Congressmen. Victory has always been on their side: Presidents Harding, Coolidge, Hoover; Treasury Secretaries Andrew Mellon and Ogden Mills all advocated abandonment of tax exemptions, were always defeated. Ignored were Franklin Roosevelt and Henry Morgenthau in 1937, and again last session. But now Messrs. Roosevelt & Morgenthau had a new argument: national defense. Of untaxable securities tabasco-tongued Mr. Morgenthau last week snorted "Slacker money!" and he complained because...
Dumbarton Oaks under the direction of Harvard and the Fogg Museum of Art will thus be added to the important group of museums new established in Washington. Among these are the National Gallery of Art (Mellon Foundation). Corcoran Gallery, Freer Gallery, Duncan Phillips Memorial Gallery, Folger Library, George Hewitt Myers Textile Museum, Smithsonian Institution, and Library of Congress...
...into the syndicate were Halsey, Stuart (for a participation of $1,200,000) and Eaton's Otis & Co. (which was finally offered a participation of $825,000). This set off the fireworks. Eaton, nostalgically recalling the days when Otis headed San Antonio deals, threw the offer back at Mellon Securities. When Mellon Securities paid no attention to his kick, Eaton violated bankers' unwritten rules by going directly to the San Antonio management, asking whether he could submit a competitive bid. The San Antonio management, fearful of SEC repercussions if it refused, agreed to listen...
...came Eaton's bid. He offered to pay San Antonio 107-about as much as the Mellon syndicate had proposed to charge the public after pocketing its two-point spread-and to price the bonds to the public at 107½, taking only a half-point cut for himself. There was one catch to the offer: did Otis & Co. have what it takes to swing a $16,500,000 deal? While Eaton argued that Otis did, Mellon Securities counterattacked. It offered to meet Eaton's offer of 107 to the company, 107½ to the public...
...several Mellon Securities syndicate partners were not willing to work for the cost of their telephone bills. First Boston Corp., W. C. Langley, five others dropped out. Nineteen underwriters remained, including Halsey, Stuart, usually Otis' big brother. Last week they placed the issue privately with a few institutional investors. Cyrus Eaton had the satisfaction of knowing that if his meddling had not profited him, neither had it profited the "big bankers." Only gainer was San Antonio Public Service, which got two points more for its issue, pocketed an extra $330,000. That, thought Cyrus Eaton, was just another argument...