Word: sec
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Dates: during 1930-1939
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...most important deportation hearing of the decade. Answerer was Harry Bridges, the long-nosed bony Australian whose power over Pacific longshore labor won him top rank in C. I. O. Hanging on his answers was hard-boiled Dean James M. ("Chink") Landis of Harvard Law School, former head of SEC, whom Madam Secretary of Labor Perkins drafted as special examiner. Also attentive, though not in the little dining room, were large shipping and industrial interests to whom Laborite Bridges personifies Satan; eminent politicians to whom the labor vote is extremely important...
...year-old Boss Groesbeck. Its turning point was the Supreme Court's decision against Electric Bond & Share in its test case on the Public Utility Holding Company Act. Groesbeck saw the handwriting on the wall, quit beating his head against it. Promptly, Bond & Share registered with SEC. Holding company service subsidiaries had frequently been charged with bleeding operating companies. So Bond & Share forfeited all income (about $800,000 a year) from its management firm (Ebasco Services, Inc.), which began servicing the system's operating units at cost. Next, Groesbeck pulled out of the TVA fight, selling four operating...
...Trustee Wardall must decide how to fit 605,964 shares of no par preferred (valued on the books at $30,298,200) and 1,282,938 shares of $5 par common stock into the drug firm's $27,296,031 net worth. So someone must take a licking. SEC will be interested in this reorganization-its first big test of the Chandler Act (set up to protect small investors in reorganizations...
...days later, Groesbeck moved again, this time solidifying his relations with SEChairman Jerome Frank. He announced he would simplify the structure of Bond & Share's National Power & Light. Meeting one of SEC's main objections (the needless ramifications of utility finance), he announced dissolution of National's "intermediate holding company," $332,000,000 Lehigh Power Securities. Henceforth, National will have direct control of Lehigh's Pennsylvania Power & Light Co., which supplies electricity to 700 Pennsylvania communities...
Last week, Wall Street noted that power production for the week ending July 1 was 14% ahead of last year and slightly ahead of 1937, added this to Bond & Share-New Deal good-will and the chances of more SEC-holding company deals. Result: the Dow-Jones average of 15 utility stocks rose for eleven consecutive days, making the second quarter of 1939 look like a straight line advance for at least this group...