Word: quinn
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Dates: during 1940-1949
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...idea: a pool of investment trusts to buy some of these British enterprises, perhaps sell them to the public. Quinn pointed to the pool Tri-Continental had formed last spring (TIME, May 20) that bought and later partly distributed the shares of great Newport News Shipbuilding & Dry Dock Corp. But the idea was older than that. When William Orville Douglas was chairman of SEC and Jerome Frank was his running mate, the U. S. economy was stagnating for want of new capital investment. The investment bankers, having no capital to speak of, were taking only seasoned issues they could retail...
...Britain's U. S. securities, proceeded to sell block after block of listed issues, one shrewd Wall Streeter watched with interest, figured it would soon be the turn of the unlisted items. How could they be turned into dollars? He had a plan. His name: Cyril J. C. Quinn. His address: Wall Street's $42,590,000 Tri-Continental Corp., an investment trust affiliated with the late Earle Bailie's banking house of J. & W. Seligman...
Fortnight ago, Quinn went to Washington to call on late Boss Bailie's good friend Henry Morgenthau. When he told him about his idea, Morgenthau decided it fell into SEC's bailiwick, called over Jerome Frank, who took along his stock-market regulator, Ganson Purcell, and his investment trust muckraker and regulator, cigar-rotating, handball-playing David Schenker. When Quinn laid the idea on the table, Frank quickly recognized it as one of his fondest...
...Quinn proposal appealed to Frank for much the same reasons. The investment trusts could take over the British stocks at a price based on their earnings, just as insurance companies buy new bond issues ("private placement"). They can sell them later, when the market is right -if they wish. Meanwhile, time being short and the route to a public offering being long, the British would have their cash at once...
...same time six Harvard professors will speak on the mechanics of registration in public meetings throughout Cambridge. These are sponsored by the Cambridge National Defense Committee headed by Tom A. Quinn...