Word: sec
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Dates: during 1930-1939
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Invited last autumn to speak to the students of brokerage at the New "York Stock Exchange "Institute," SECommis-sioner William Orville ("Bill") Douglas stirred up a teapot tempest in Wall Street by unburdening himself on the "unestablished value" of customers' men, a financial tribe marked for early SEC attention. Referring to the "practice of gentlemen teaching gentlemanly ways of redistributing the wealth of their clients," tart-tongued Bill Douglas went on to observe...
...wound up with a 16-mi. all-comers' dog race. Wearing a gold and ivory crown, Beauty Queen Marguerite Lee saw John Allen's team of "Irish Wolves" (Malemute, Irish setter and wolf stock) win, on average time for three heats of 1 hr. 12 min. 39 sec...
...Securities & Exchange Commission, the New Deal's most successful reform to date. Last summer Congress passed the Ship Subsidy Act, authorizing a five-man Maritime Commission to govern U. S. shipping as the Interstate Commerce Commission rules U. S. land transport. Mean time, Joe Kennedy had resigned from SEC because he wanted to see more of his wife and nine children. Last week President Roosevelt again dragged Joe Kennedy out of private life to head the Maritime Commission...
...last week, SEC had got to the point in its Washington hearing of parading priests, housewives, and the manager of Harvard's Fly Club, all Hutton customers, to tell how they had made and lost money in Tack. Fly Clubber James Corcoran dealt from Boston with W. E. Hutton II, wiring him on one occasion: "I am sitting on 700 tacks. Where do I get off?" Partner Hutton got him off 600 Tacks at a profit of $2,400. The other customers questioned were those of Jerry McCarthy, a customers' man in Hutton's Detroit office...
Young Bill Hutton was also in the Detroit office but the powerhouse there was Jerry McCarthy, whose clientele included a good representation in the Detroit Tigers. Last month SEC summoned Manager Mickey Cochrane to describe how he bought 1,000 shares of Tack, but the famed catcher had evidently found the game too fast to follow. Asked where he had been in November 1935, he said he thought he had been in Wyoming but that might have been in October. "I travel around so much I don't know where I am half the time," he apologized...