Word: profitability
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Dates: during 1930-1939
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...Chairman Frederick H. Ecker of Metropolitan Life Insurance Co. stepped before the committee to suggest, politely, that the Government has gone far enough with low-cost Housing in the rental field, since that is the field (as distinct from the home-owning field) into which large private capital seeking profit might go if encouraged...
Anything but a politico is new Assistant Currie. Short, Scottish Nova Scotian Currie went to the London School of Economics, thence to graduate work at Harvard. Duly Ph.D.'d, he taught Harvard boys from 1927 to 1934 that the purpose of business is profit. In 1934, Secretary Henry Morgenthau Jr.'s then economic soothsayer (and still his privy counselor), conservative Chicago Professor Jacob (Balanced Budget) Viner, induced Currie to leave Harvard, made him his assistant. Later that year, Chairman Marriner Stoddard (Unbalanced Budget) Eccles of the Federal Reserve Board spotted Currie for his technical qualifications, made him Assistant...
...first five months of 1939 McKesson & Robbins made a net profit from operation of $1,336,627 (compared to $271,752 the year before...
...Coalman John Markle. The price was $95 a share. It happened that Industrial Finance Corp., parent of Morris Plan banks, was under obligation to repurchase that stock at $105. Eventually the syndicate including Arthur Morris and four other directors of Industrial, sold the shares to the corporation, at a profit...
...deal was ancient financial history in 1936 when stockholders sued, claiming that the profit rightfully belonged to the company, not the directors in the syndicate. The members of the syndicate replied that the corporation neither wanted the stock nor was in a position to buy it and that the syndicate bought it to protect the corporation from Mr. Markle. Nonetheless, bushy-haired Justice Ferdinand Pecora returned a thumping judgment against Morris & friends for $443,202, including interest. Last week, Justice Pecora's judgment having been reversed on the first appeal, New York's Court of Appeals (last resort...