Word: stocked
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Dates: during 1940-1949
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Bulldozer? Last week in Wall Street, union labor took another walloping. The A.F.L.'s striking financial workers went back to work in the Stock Exchange for the same raises ($3 to $5 a week) they had been offered before they struck-and little else. In addition, 100 found themselves out of jobs; the Exchange, by stepping up efficiency during the strike, found they were no longer necessary...
Caught Short? Where had all the stock come from? Witnesses implied that many a broker had made short sales, i.e., sold...
Kaiser at $13.50, expecting to deliver stock from the new issue going to brokers...
Next day, when Eaton and his underwriting syndicate started to float the issue, the stockmarket was falling and so was K-F stock. Eaton called off the sale. Witnesses before SEC said they heard him say: "We would be just damned fools to go through with this deal ... I would rather have a lawsuit on my hands than be dead broke." Eaton's own lawyer testified: Eaton had asked him if there was any escape clause in the underwriting contract with K-F. Eaton reportedly said he was going over it with a "fine-tooth comb" to look...
Sure, said Eaton, he was there when they talked about stabilizing the stock, but he didn't say anything; he just listened. The stabilizing was not Eaton's idea; it was that of Henry's son Edgar. "Did you approve it?" asked the SEC examiner. Eaton replied: "No." Eaton said he would have been glad to carry out the underwriting "if conditions were right...