Word: publication
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Dates: during 1930-1939
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...business condition of the banks' customers. What is a deposit to a bank is a cash asset to some customer. Bank loans, in turn, are a large part of customers' short term liabilities. "Bank debits," checks drawn to all accounts, represent "gross sales" and thus reflect public spending. The trend of inventories bought with borrowed money may also be followed in the rise or fall of bank loans...
Touched with hypochondria, Mr. Cullen refers to bothersome unfinished business as a "stone in my belly." A stone in Mr. Cullen's belly since he became International's head man has been the Public Utility Holding Company Act of 1935, requiring geographical integration of utility pyramids. Like many another utility magnate, Mr. Cullen tried to evade this "death sentence" without avail. SEC remained adamant and the stone in Mr. Cullen's belly still hurt. Last week...
...hard-pressed Harrison Williams had sold nearly half his holdings for a mere $28,000,000. His remaining 51% control of Central States, through a bizarre series of other holding companies, gave him a net interest of 18.3% in North American. This is the sort of setup the Public Utility Holding Company ("death sentence") Act of 1935 was specifically designed to alter. Shrewd Harrison Williams was the first of the major utility tycoons to submit to its painful yoke, and North American registered with SEC in February 1937. By last fall when SEC finally forced the rest of the industry...
...week full of important utility events (see p. 58), North American's successful reshaping was not the least significant. It was: 1) the first publicly offered bond issue of 1939, and thus broke the capital market's ominous stagnation; 2) the first major public utility holding company financing since passage of the death sentence drove the industry into financial hibernation four years...
...typical Morgan man has always been one who went to a good preparatory school, graduated from an Eastern university, had influential friends and a high social rating. Of the present twelve partners, ten are university graduates, all are listed in the Social Register. The three new partners are all public-school men; only one went to college; none is in the Social Register; none got his start through influence...