Word: trying
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Dates: during 1930-1939
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Last week such was Wall Street's mollification toward Chairman Douglas that two of its leading firms finally acted upon this advice. Tri-Continental Corp. and Selected Industries Inc., investment trusts on behalf of whose sponsoring bankers, J. & W. Seligman & Co., the Bawl Street Journal once advertised, "Tri Continental. Tri Chesapeake Corp. Tri Anything Once," decided to tri underwriting. For the purpose they formed a new concern- Union Securities Corp., with $1,000,000 in cash, $4,000,000 more subscribed...
Heretofore, U. S. investment trusts have barely dabbled in underwriting. Tri-Continental and Selected Industries have occasionally participated in the underwritings of new issues in a very small way; Atlas Corp. has done the same. Paradoxically, last week when Tri-Continental and Selected Industries finally went whole hog into underwriting, they declared that Union Securities Corp. would shun the practice that has been the No. 1 argument for investment trusts going into underwriting-that they can absorb on behalf of their stockholders the remainder of any issue that the public refuses...
Ignoring this argument and the obvious fact that if an issue becomes sticky and causes a loss to Union Securities Corp. the loss will inevitably be passed on to its investment trust backers, Tri-Continental and Selected Industries last week preferred to lay their new venture to two lesser reasons: 1) they have large chunks of capital they are eager to use; 2) since banks were divorced from underwriting, and death or depression has slashed the ranks of underwriters, there is an acknowledged lack of underwriting capital...
Chairman of the new firm is Tri-Continental's longtime head, handsome, suave, bright-eyed Earle Bailie. Born in Milwaukee, this 48-year-old banker began as a lawyer, in 1919 joined J. & W. Seligman & Co., became a partner in four year. He enjoyed a brief moment of national prominence in 1934 as right-hand man to Secretary of the Treasury Henry Morgenthau Jr., was forced out by Senatorial objections to his Wall Street background...
This finishes the second angle of a tri-cornered situation begun last year when Princeton hired two coaches away from Harvard after last fall's successful season, allegedly in preparation for the game with them...