Word: patman
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Dates: during 1940-1949
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Margins. Texas' Wright Patman, chairman of the House Committee on Small Business, demanded that stock market margins be reduced from 75% to 50%. He pointed out that the buyer of an $1,800 auto must pay only $600 down, but the buyer of $1,800 of stock must still pay $1,350 down. Said Patman: high margins had "almost entirely dried up" the capital market. The Federal Reserve Board was "studying" the matter...
...President had called on Congress to get in and pitch for the Patman housing bill. It was the key to the Wyatt Plan for mass-producing 2,700,000 new homes for veterans in the next two years (TIME, Feb. 18). It was something more-united Democratic action on it would be a sort of dress rehearsal for the coming fight on extending OPA controls and subsidies...
...when the Patman bill came to a vote in the House last week, the Republican-Southern Democratic coalition had its way in a teller unrecorded vote. Down & out went major clauses the Administration wanted most: 1) allocation of $600,000,000 for subsidies, 2) price ceilings on existing homes...
President Truman immediately asked Congress for price ceilings on both new and old houses, called for priorities which would channel 50% of U.S. building materials into the construction of houses costing $10,000 or less. The ceilings are provided for in a bill by Texas' Wright Patman, now under consideration by Congress...
Elliott went back to his TBS, bought $75,000 worth of its stock. Hartford went back to his groceries and his worries over an anti-chain-store law which Representative Wright Patman of Texas was trying to push through Congress. If passed, the law would have cost the A. & P. many millions a year...