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Ratings was another prime topic oi conversation among last week's frolicking bond men. For many years banks buying bonds have generally relied on the ratings published by the four big statistical services-Standard Statistics, Moody's, Poor's and Fitch's.* In 1936 the Comptroller of the Currency made this custom a requirement in cases when bonds are of doubtful value. Last January a research economist at the University of Chicago with the resounding name of Melchior Palyi took it upon himself to denounce this setup. Said he: "The ruling of the Comptroller...
Pilot error occurred in almost every crash, according to FORTUNE'S investigation into official and final Department oi Commerce reports and according to the lines' own findings. Example: the pilot was thrust into an unnecessarily dangerous situation by faulty dispatching (once), radio troubles (often) or bad weather forecasting (often). No crash of a scheduled plane in recent years has been due to structural failure of the plane itself. No one has ever proved that a radio beam has failed, but any map of the radio ranges shows that many more are needed...
...started building refineries in the tropics, shipping the finished product instead. The tariff on raw and refined was approximately the same, while labor and taxes were lower than in the U. S. By 1934 these tropical refiners were supplying nearly one-tenth of the 6,000,000-odd tons oi sugar annually consumed...
...Sheridan at his side. But to many Georgians and South Carolinians, General Sherman is still repugnant in any form. At Columbia, where an indignant legislator heatedly recalled that the west wall of the State Capitol still bears scars made by Sherman's cannon balls, the South Carolina House oi Representatives passed a resolution calling upon South Carolina's national Senators and Representatives to demand that the Post Office Department stop the memoria issue because the military career of General Sherman "is a history of rapine, carnage, destruction and murder waged principally against defenseless women and little children...
...major premise of "Trotskyism" that Communism cannot be successful in a single country unless it simultaneously is fomented in all countries anc they become presently Communist. On this point, the acts of Stalin show his theory now to be that a success can be made oi Communism in one single country, namely the Soviet Union, and that the bulk of its funds should be devoted to achieving success there at this time, not scattered to sow Communism in other countries. These two points of view are generally accepted today as representing "Trotskyism," on the one hand, and Stalinism...