Word: norbeck
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Dates: during 1930-1939
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...long time Congressman Fiorello ("Little Flower") La Guardia of New York had been quietly stuffing a Pandora's Box with woe for Wall Street. Last week the box, a big, brown trunk, was so full of woe that it required two men to lug it in to Senator Norbeck's bear-hungry Committee on Banking & Currency, still investigating the stockmarket (TIME, April 25 et seq.). When Congressman La Guardia opened the lid, out flew a flock of woes for Bulls, Bears and the financial press...
...Whitney's composed manner and cool utterances, the committee set off on a new angle of inquiry. Senator Walcott of Connecticut, President Hoover's good friend who started the inquiry, had less to say last week, left the conduct of the investigation to Chairman Peter Norbeck (who was in the West when it was voted) and to the committee's new counsel, William A. Gray of Philadelphia. First move of the committee was to publish the names of 350 traders who were short 2,500 or more shares as of April 8. The 350 included many well...
...whose names committeemen and the Wall-Street-conscious public had linked with million-dollar deals, but whose persons had hitherto been concealed in the abysses of Wall Street. Leading the parade was Matthew Chauncey Brush. In marked contrast to Mr. Whitney's quiet precision (which irritated Chairman Norbeck to the point of shouting: "You're hopeless!") was the bluff readiness-to-tell-all of Witness Brush. Mr. Brush greeted Counsel Gray (an old friend), blithely told how he started in Boston with "pretty skinny trading" ten years ago while he was president of American International Ship-Building Corp...
...confronted the Senators coolly. On his watchchain they could perceive a small gold animal charm which was neither a bull nor a bear, but a pig.* He could perceive that the committee's special attorney, aggressive Claude Raymond Branch of Providence, was irritating to the Senators; that Chairman Norbeck of South Dakota was impatient, Senator Glass of Virginia sarcastic, Iowa's Smith Wildman Brookhart belligerent...
While Wall Street knows that Senator Norbeck will do his best to throttle short sales, that Senator Carter Glass will aid and abet him, it hoped for judicial treatment from Connecticut's Senator Frederic Collin Walcott, onetime vice president in the banking house of Bonbright & Co. A close personal and political friend of the President's, Senator Walcott together with Senator James Couzens persuaded the Committee to investigate bulls as well as bears. "We are not seeking sensational-ism," he said. "And we are going about this in a sane way. There is no intention ... to seek legislation interfering with...