Word: memorandums
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Last week the Nation agreed that Press and Radio had done a fine job on the 1937 Flood (see p. 17). But last week in Tacoma, the solid members of that town's Chamber of Commerce sat down to compose as grave a memorandum of censure as Press and Radio ever received from a responsible U. S. body. Grievance of the Tacoma businessmen was the handling by newsgatherers for ink & air of the kidnap-murder of 10-year-old Charles Mattson (TIME, Jan. 18). Sternly the Chamber of Commerce members agreed that newsmen had made "gross mistakes that many...
...fine fettle last week was Senator Burton Kendall Wheeler, acrid chairman of the Senate committee investigating railroad finance. Fortnight ago the Senator unearthed amid the yellowing records of the Van Sweringen empire and the dust bins of Guaranty Co. history one gem of purest ray serene. This was a memorandum written in 1930 by John Minor Botts Hoxsey, listing expert of the New York Stock Exchange, warning that "public protest" would follow the multiplication of such corporations as the Van Sweringen holding companies, for which Guaranty Co. underwrote and the Stock Exchange approved an ill-fated $30,000,000 bond...
Whitney's admission that he could not recall any Exchange discussions of the problem of listing holding company securities, nor had he read the 1926 Hoxsey memorandum on this subject which the Senator so admired. Mr. Whitney pointed out that this memorandum, written four years before he was elected Exchange president, had been a "confidential report" to the Committee on Stock List. Senator Wheeler was unappeased. Broker Whitney: "I really did quite a bit of work at the Exchange." Senator Wheeler: ''I must confess I am surprised...
...type of holding company then blossoming in utilities and later exemplified in railroading by the Van Sweringen companies, Mr. Hoxsey had described in his memorandum as "necessarily bad ... a mere exploitation of what may be termed the surplus earnings of the operating companies during periods of prosperity ... a temptation to rape the subsidiaries for the benefit of the holding company." Senator Wheeler read aloud Mr. Hoxsey's reasons for the indictment of such companies: "Financially and economically, because a small and normal variation in the rate of return on the property of the operating subsidiaries makes a large...
Broker Whitney: "I want to disabuse your mind of any thought I did not concur in the memorandum, because I do. The Exchange is very proud of the fact that it was able to secure the services of Mr. Hoxsey...