Word: pecora
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...nearly a month brokers and businessmen have been parading their objections to the Stock Exchange control bill before House and Senate Committees. By last week they had a warm feeling that they had made good headway toward modification when Ferdinand Pecora retired with his squad of bright young legalites to round off the measure's harshest features. A new draft will be submitted this week. Probable revisions include...
Just before Ferdinand Pecora & friends retired for redrafting last week, the bill received its first major attack from within the Administration. Before the House Interstate Commerce Committee, Assistant Secretary of Commerce John Dickinson, no Wall Streeter, denounced it as entirely too drastic, predicted "disastrous" results if passed in its present form. Particularly he lashed the margin requirements, esti mating that $380,000,000 of unlisted securities would be dumped from brokerage accounts, and another $350,000,000 of listed stock would have to be liquidated to satisfy the 60% margin. Such wholesale liquidation, he warned, might reverse the upward curve...
...under investigation. Nevertheless, the name of Morgan was enough to cloud the more significant revelation that during January the short position in seven leading air stocks increased from 4,000 to 44.000 shares. With that suspicious fact in view, Republican members of the Senate committee insisted that Inquisitor Ferdinand Pecora begin an independent investigation to learn through what, if any, member of the Democratic Administration a leak might have sprung...
...course of his investigations of U. S. security markets, Ferdinand Pecora, counsel for the Senate Banking & Currency Committee, last week found one for which he could say a good word. It was the San Francisco Mining Exchange, second only to the New York Stock Exchange in age. On the strength of a statement from its president, Charles E. Hudson, Inquisitor Pecora publicly acclaimed it "a very frank stock exchange." Excerpts from the Hudson statement read to the committee...
Newspaper headlines like that crackled throughout the land last week as the Senate Banking & Currency Committee let fly a final broadside before starting hearings this week on the securities control bill, Ferdinand Pecora, committee counsel, was quite aware that such a revelation would leave John Citizen convinced that Big Business had outdone itself in helping to blow up the speculative bubble of 1929. ''If the complete story were available, the amount would have been many times 20 billions of dollars," Inquisitor Pecora added. It would, according to Inquisitor Pecora's method of ciphering. "Other...