Word: sec
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Dates: during 1940-1949
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...Chunky Gregory Rice of South Bend, Ind., loping around to the tune of Notre Dame's Victory March: a two-mile race, headliner of New York's Knights of Columbus track meet; in 8 min., 56.2 sec., breaking the world's indoor record by almost two seconds; before 16,000 spectators; at Manhattan's Madison Square Garden. Hailed as America's No. 1 distance runner, Notre Darner Rice, who also set a new world's indoor record for three miles (13:55.9) three weeks ago, will be matched next fortnight against famed Finn Taisto...
...Dallas wildcatter named Chester Allen ("Chet") Everts, who ran away from home at the age of u and made his pile in the oil fields. Wall Streeters, who know what it is to be spanked for selling strawberries without showing the whole basket, trembled for his hide. Last week SEC, not a connoisseur of Americana, spanked him. A sorry ad appeared in the Wall Street Journal: "... I have been notified by the Securities and Exchange Commission that in publicly making that offer I had violated their rules. My offer therefore is hereby publicly withdrawn until and if I can prepare...
When the President summoned him to SEC that fall, the New Deal was entering its tough, fighting, back-to-the-wall phase. Said Bill Douglas: "It's lonely in the front-line trenches these days." Jerome Frank heroizes Douglas, joined the Commission. But he did so reluctantly. Reasons for reluctance: 1) he needed to make more money than a commissioner's $10,000 a year; 2) he had written his share of laws, hoped others would see them through. Temperamentally unsuited to trench warfare, Jerome Frank is above all an Intellectual...
...books. But as an alternative to Henderson, he was welcomed as the more knowing man. No foe of bigness-as-such, he had helped write NRA, had praised (in Save America First) the social value of "the intelligent monopolist," especially when subjected to government guidance. Taking office, he called SEC "in a true sense, a conservative institution," its purpose "conserving, by improving, our profit system," promised no radical departures from the Douglas regime. Then he went to work...
Jerome Frank knows that business bigness is here to stay. As one of the backstage voices helping to shape New Deal fiscal policy, he plumps regularly for reconstruction rather than mere reform. He is sure the impediments go much deeper than SEC red tape. Like any big businessman, he wants new outlets for new investment; a theorist, he sees the unscrambling of utilities as just that. To force it, he will render increasingly unpopular decisions; fewer & fewer friends will friendly Jerome Frank have. Consoling him is his strong belief that friends and foes have an ultimate community of interest...