DOCSLIB.ORG

Aviation Stocks and Answers to Questionnaire

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Aviation Stocks and Answers to Questionnaire STOCK EXCHANGE PRACTICES HEARINGS BEFORE THE COMMITTEE ON BANKING AND CURRENCY UNITED STATES SENATE SEVENTY-THIKD CONGEESS SECOND SESSION ON SJtes. 84 (72d CONGRESS) A RESOLUTION TO INVESTIGATE PRACTICES OF STOCK EXCHANGES WITH RESPECT TO THE BUYING AND SELLING AND THE BORROWING AND LENDING OF LISTED SECURITIES AND S.Res. 56 and S.Res. 97 (73d CONGRESS) RESOLUTIONS TO INVESTIGATE THE MATTER OF BANKING OPERATIONS AND PRACTICES, TRANSACTIONS RELATING TO ANY SALE, EXCHANGE, PURCHASE, ACQUISITION, BORROW- ING, LENDING, FINANCING, ISSUING, DISTRIBUTING, OR OTHER DISPOSITION OF, OR DEALING IN, SECURITIES OR CREDIT BY ANY PERSON OR FIRM, PARTNERSHIP, COMPANY, ASSOCIATION, CORPORATION, OR OTHER ENTITY, WITH A VIEW TO RECOMMENDING NECESSARY LEGISLATION, UNDER THE TAXING POWER OR OTHER FEDERAL POWERS PART 17 AVIATION STOCKS, APRIL 18, 1934 AND ANSWERS TO QUESTIONNAIRE, MAY 1, 1934 Printed for the use of the Committee on Banking and Currency UNITED STATES GOVERNMENT PRINTING OFFICE 175641 WASHINGTON; 1934 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis COMMITTEE ON BANKING AND CURRENCY DUNCAN U. FLETCHER, Florida, Chawman CARTER GLASS, Virginia PETER NORBECK, South Dakota ROBERT F. WAGNER, New York PHILLIPS LEE GOLDSBOROUGH, Maryland ALBEN W BARKLEY, Kentucky JOHN G TOWNSEND, JB , Delaware ROBERT J. BULKLEY, Ohio FREDERIC C WALCOTT, Connecticut THOMAS P. GORE, Oklahoma ROBERT D CAREY, Wyoming EDWARD P. COSTIGAN, Colorado JAMES COUZENS, Michigan ROBERT R REYNOLDS, North Carolina FREDERICK STBIWER, Oregon JAMBS F BYRNES, South Carolina HAMILTON F KEAN, New Jersey JOHN H BANKHEAD, Alabama WILLIAM GIBBS McADOO, California ALVA B ADAMS, Colorado WILLIAM L HILL, Clerk R H SPARKMAN, Acting Clerk SUBCOMMITTEE ON STOCK EXCHANGE PRACTICES DUNCAN U. FLETCHER, Florida, Chairman CARTER GLASS, Virginia PETER NORBECK, South Dakota* ALBEN W. BARKLEY, Kentucky1 JOHN G TOWNSEND, JB., Delaware EDWARD P. COSTIGAN, Colorado JAMES COUZENS, Michigan ALVA B ADAMS, Colorado 1 Alternate, Thomas P Gore, Oklahoma. 2 Alternate, Phillips Lee Goldsborough, Maryland. n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CONTENTS Page Mr. Pecora introduced into the record the reports prepared by the ex- aminers 7759, 7845 Mr Redmond was extended the courtesy of sitting in on behalf of the New York Stock Exchange 7857 m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis STOCK EXCHANGE PEACTICES WEDNESDAY, APRIL 18, 1934 UNITED STATES SENATE, COMMITTEE ON BANKING AND CURRENCY, Washington, D.C. The committee met at 10:30 am., following adjournment on Thursday, April 5, 1934, in room 301 of the Senate Office Building, Senator Duncan U. Fletcher (chairman) presiding. Present: Senators Fletcher (chairman), Glass, TVagner, Barkley, Bulkley, Gore, Byrnes, Bankhead, Adams, Goldsborough, Townsend, Walcott, Couzens, Steiwer, and Kean. Present also: Ferdinand Pecora, counsel to the committee; Julius Silver and David Saperstein, associate counsel to the committee; and Frank J. Meehan, chief statistician to the committee. The CHAIRMAN. The committee will come to order, please. Before proceeding with our executive session I will say that Mr. Pecora is ready to make some report in connection with the aviation stocks. He will now make a statement about that and we will let the material go into the record to be printed. Mr PECORA. In regard to the trading in certain aviation com- panies' stocks on the New York Stock Exchange, December 1, 1933, to February 9, 1934, we have reviewed the exchange's reports of transactions in the nine aircraft stocks covered by the Senate com- mittee's resolution, to ascertam, primarily, whether or not there was extensive "short" selling of those stocks prior to formal announce- ment of cancelation of the air-mail contracts. The reports submitted to us by the exchange would be of assistance in enabling us to ascertain whether any sales were made by persons who may have had advance information that the contracts would be canceled, only in so far as the reports show individuals, et cetera, who sold large blocks of shares Interrogation of the sellers of the stocks would be necessary to ascertain, for the record, just why they sold stock during this period. The stocks under review were- Aviation Corporation, Inc. (Delaware), common stock. Bendix Aviation Corporation, common stock. Curtiss-Wright Corporation, class A stock Curtiss-Wnght Corporation, common stock Douglas Aircraft Co , Inc , capital stock National Aviation Corporation, capital stock Noith American Aviation, Inc , capital stock. United Aircraft & Transport Corporation, common stock. Wright Aeronautical Corporation, capital stock. "Odd-lot" transactions-—that is, purchases and sales of less than 100 shares—were not required to be reported; however, the unit of 7759 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 7760 STOCK EXCHANGE PRACTICES trading in Wright Aeronautical being only 10 shares, trades of that number of shares or more were reported Our analysis of price changes in these stocks showed that, with the exception of Wright Aeronautical, the market value of each of them increased somewhat during December, that all of them showed rela- tively large price inci eases in January and that from February 1 to 9, inclusive, substantial declines m their market prices occurred, culminating in relatively sharp "breaks'7 on Saturday, February 10* The latter date was the day after announcement of cancelation of the air mail contracts, made after the close of trading on the New York Stock Exchange February 9. Schedules showing the price fluctuations and sales of these stocks during the period under review, and ^especially during February, are appended to this report. "Short" sales, as reported to us by the exchange, accounted for only a very small proportion of the total sales and apparently were not a major factor in the declines which occurred m the market prices of these stocks On the contrary, there was extensive liquidation of "long" holdings during the latter part of January and the first 10 days m February During this period, numerous articles in the press regarding disclosures by Senator Black's committee indicated the possibility of revision of the air-mail contracts with resultant loss to the "aircraft" companies and those indications may have accelerated the selling of "long" stock. Furthermore these stocks had been "marked up" in December and January and were therefore vulner- able to unfavorable news concerning the respective companies. Under such conditions, liquidation of large blocks of "long" stock would tend to cause lower prices Among the sellers of large blocks of the stocks during the latter part of January and to February 9 were Curtiss-Wright Corporation, common stock. Sperry Corporation sold 36,000 shares of "long" stock December 7 to February 1, of which 20,000 shares were sold January 30, 2,000 January 31, and 2,000 February 1 T A Morgan, care of Sperry Corporation, sold 3,000 shares of "long" stock on January 30 and February 1. National Air Transport, Inc., sold 11,900 shares of "long" stock February 9—the date the air-mail contracts were canceled. United Aircraft & Transport Corporation, common stock. OneJ H Townsend sold 16,100 shares of "long" stock in December for Frederick B Rentschler, vice chairman of board of directors of United Aircraft, and Rentschler, under his own name, sold 20,300 shares on December 27 The specialists for the respective stocks were the largest traders during the period under review, but, except in the case of Wright Aeronautical, in which the specialist sold 1,500 shares, or 23 percent of the total sales of 6,440 shares, the sales by specialists did not exceed 17 percent of the total trading. And I now submit for the record a tabulation for each of the aviation company stocks, showing the num- ber of shares purchased, the number sold, and the total sales, as well as the percentages of specialists' sales to total sales. (The tabulation referred to is as follows ) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis STOCK EXCHANGE PEACTICES 7761 Total sales and percent Bought Sold of special- ists sales to total Aviation corporation 577,900 McWilham Wainwright & Co (through George & Famngton). 9,200 8,700 Short .. 1,100 E. E Tweedy (through Stout & Oo) 9,000 9,200 Short 200 R V Hiscoe (through Baker, Weeks & Harden) 60,900 49,100 Short — 12,500 Total 79,100 80,800 14% Bendix Aviation Corporation - 508,650 0 J Henderson & Sons (through Walker Bros) 68,600 68,400 Short 200 Total 68,600 115% Ourtiss-Wright Corporation A 379,700 Adler Coleman & Co (through Adler Coleman & Co) 31,200 31,100 Short 9,000 9,200 Total 40,300 10 6% Curtiss-Wright Corporation, common . - 1,077,950 Adler Coleman "& Co (through Adler, Coleman & Co) 123,600 115,400 Short 21,700 26,700 Total 142,100 13% Douglas Aircraft Co, Inc .. 667,200 Brandenburg & Oo (through Foster & Adams) 53,700 50,S00 Short- 1,200 Total 52,000 8% National Aviation Corporation ._«. ._- 35,400 W R K Taylor (through W. R K Taylor & Co) 6,000 6,000 17% North American Aviation, Inc - - - ——_—__ 294,900 Edwin Weisl (through' Ira Haupt & Co) 5,300 5,500 Short - - - _ 100 100 Shuman & Oo (through Shuman & Co) 15,800 13,500 Short - - - 2,400 Total 21,500 7% United Aircraft & Transport Corporation— — 1,383,000 Benj Jacobson&Co (through D M Minton&Co) 182,600 175,800 Short - 5,500 Total - - - — - 181,300 13% Wright Aeronautical Corporation ——— 6,440 Miller & Dodge (through Miller & Dodge) 1,450 1,500 23% Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 7762 STOCK EXCHANGE PRACTICES New York Stock Exchange prices of Aviation Corporation, Inc. (Delaware) [Common stock outstanding, Dec 31,1933, 2,777,753 shares] CLOSING QUOTATIONS, FIRST AND LAST DAYS OF DECEMBER 1933 AND JANUARY AND FEBRUARY 1934 Increase Months' Date Quotation Date Quotation (+),de- sales crease (—) (shares) Dec 1 - H Dec 30 7H 122,300 Jan 2.
Load more

Recommended publications
  • 1 Finance and Politics in the USA: from National City Bank to Citigroup
    Finance and Politics in the USA: From National City Bank to Citigroup : an American bank or a world bank ? Christine Zumello Université Sorbonne Nouvelle – Paris 3 Introduction As the theme of this year’s EBHA Conference hinges around the link between the wealth of nations and international business, this paper aims at trying to analyse the positioning, since its creation, of one American bank (Citibank) within the American political domestic scene and the wider globalization of financial services. The banking landscape in the USA has been shaped by various political and economic forces throughout the years and the interaction between banks and the state has, in the case of Citibank 1, been particularly close and has, in t 200political(?)” market forces. Indeed, the role of globalisation and the number of mergers and acquisitions in the banking sector in the USA which has increased in the last decade 2 has clearly contributed to the blurring of the frontiers between domestic and international boundaries in financial operations. Citigroup has managed to hold both a strong local-consumer base together with a wide international network which has involved it in a number of emerging markets and even micro-finance development today. Hence when one discusses the interactions between finance and politics, one realises that, in the United States, historical events have played a significant role in explaining the idiosyncrasy of the American banking landscape but one may wonder whether finance could have, on the domestic political scene in the USA, managed to outweigh politics or rather to free itself from political considerations. 1 Throughout this paper, and for readability purposes, we will often use the name Citibank and then Citigroup (since 1998) but the bank’s name has been modified to accommodate regulatory changes.
    [Show full text]
  • Mason Williams
    City of Ambition: Franklin Roosevelt, Fiorello La Guardia, and the Making of New Deal New York Mason Williams Submitted in partial fulfillment of the Requirements for the degree of Doctor of Philosophy in the Graduate School of Arts and Sciences COLUMBIA UNIVERSITY 2012 © 2012 Mason Williams All Rights Reserved Abstract City of Ambition: Franklin Roosevelt, Fiorello La Guardia, and the Making of New Deal New York Mason Williams This dissertation offers a new account of New York City’s politics and government in the 1930s and 1940s. Focusing on the development of the functions and capacities of the municipal state, it examines three sets of interrelated political changes: the triumph of “municipal reform” over the institutions and practices of the Tammany Hall political machine and its outer-borough counterparts; the incorporation of hundreds of thousands of new voters into the electorate and into urban political life more broadly; and the development of an ambitious and capacious public sector—what Joshua Freeman has recently described as a “social democratic polity.” It places these developments within the context of the national New Deal, showing how national officials, responding to the limitations of the American central state, utilized the planning and operational capacities of local governments to meet their own imperatives; and how national initiatives fed back into subnational politics, redrawing the bounds of what was possible in local government as well as altering the strength and orientation of local political organizations. The dissertation thus seeks not only to provide a more robust account of this crucial passage in the political history of America’s largest city, but also to shed new light on the history of the national New Deal—in particular, its relation to the urban social reform movements of the Progressive Era, the long-term effects of short-lived programs such as work relief and price control, and the roles of federalism and localism in New Deal statecraft.
    [Show full text]
  • Revisiting Affiliated Ute: High Court Needs a Reboot by Gary Aguirre
    Revisiting Affiliated Ute: High Court Needs A Reboot By Gary Aguirre Law360, New York (May 17, 2017, 4:26 PM EDT) -- Last month marked 45 years since the U.S. Supreme Court's ruling in Affiliated Ute Citizens of Utah v. United States, which established a rebuttable presumption of reliance for securities fraud claims based on omissions of material fact. This Expert Analysis special series will explore the decision's progeny in the Supreme Court and various circuits. The U.S. Supreme Court ended an era in 1972 with its decision in Affiliated Ute Citizens of Utah v. United States.[1] It would be the last decision for three decades[2] to treat deceptive conduct alone — with no deceptive words — as a violation of the anti-fraud provisions of the securities acts. The distinction between deceptive conduct and deceptive words is simple in principle. Assume a fake man of the cloth positions himself outside a church just before the service begins. He wears a cassock identical to the one worn by the minister who preaches from the pulpit. Holding a collection box, he smiles and nods graciously as the faithful fill it with bills, but he utters no words. Is his conduct less fraudulent because it is wordless? Affiliated Ute protected investors in three ways. First, it held that conduct alone — with no words uttered between buyer and seller — could create civil liability under Section 10(b) of the Exchange Act and Rule 10b-5 if the conduct operated to conceal a material fact. Abstracting this principle and applying it to the fake minister, his deceptive conduct created a duty to disclose the material fact his scheme concealed: he is not part of the ministry.
    [Show full text]
  • Woodrow Wilson's Conversion Experience: the President and the Federal Woman Suffrage Amendment Beth Behn University of Massachusetts Amherst, [email protected]
    University of Massachusetts Amherst ScholarWorks@UMass Amherst Open Access Dissertations 2-2012 Woodrow Wilson's Conversion Experience: The President and the Federal Woman Suffrage Amendment Beth Behn University of Massachusetts Amherst, [email protected] Follow this and additional works at: https://scholarworks.umass.edu/open_access_dissertations Part of the History Commons Recommended Citation Behn, Beth, "Woodrow Wilson's Conversion Experience: The rP esident and the Federal Woman Suffrage Amendment" (2012). Open Access Dissertations. 511. https://doi.org/10.7275/e43w-h021 https://scholarworks.umass.edu/open_access_dissertations/511 This Open Access Dissertation is brought to you for free and open access by ScholarWorks@UMass Amherst. It has been accepted for inclusion in Open Access Dissertations by an authorized administrator of ScholarWorks@UMass Amherst. For more information, please contact [email protected]. WOODROW WILSON’S CONVERSION EXPERIENCE: THE PRESIDENT AND THE FEDERAL WOMAN SUFFRAGE AMENDMENT A Dissertation Presented by BETH A. BEHN Submitted to the Graduate School of the University of Massachusetts Amherst in partial fulfillment of the requirements for the degree of DOCTOR OF PHILOSOPHY February 2012 Department of History © Copyright by Beth A. Behn 2012 All Rights Reserved WOODROW WILSON’S CONVERSION EXPERIENCE: THE PRESIDENT AND THE FEDERAL WOMAN SUFFRAGE AMENDMENT A Dissertation Presented by BETH A. BEHN Approved as to style and content by: _________________________________ Joyce Avrech Berkman, Chair _________________________________ Gerald Friedman, Member _________________________________ David Glassberg, Member _________________________________ Gerald McFarland, Member ________________________________________ Joye Bowman, Department Head Department of History ACKNOWLEDGMENTS I would never have completed this dissertation without the generous support of a number of people. It is a privilege to finally be able to express my gratitude to many of them.
    [Show full text]
  • The Progressive Movement and the Reforming of the United States of America, from 1890 to 1921
    2014 Democratic and Popular Republic of Algeria. Ministry of Higher Education and Scientific Research. University of Oran. Faculty of Letters, Languages, and Arts. Department of English. Research Paper Submitted for a Doctorate Thesis in American Civilisation Entitled: The Progressive Movement and the Reforming of the United States of America, from 1890 to 1921. Presented by: Benketaf, Abdel Hafid. Jury Members Designation University Pr. Bouhadiba, Zoulikha President Oran Pr. Borsali, Fewzi Supervisor Adrar Pr. Bedjaoui, Fouzia Examiner 1 Sidi-Belabes Dr. Moulfi, Leila Examiner 2 Oran Dr. Belmeki, Belkacem Examiner 3 Oran Dr. Afkir, Mohamed Examiner 4 Laghouat Academic Year: 2013-2014. 1 Acknowledgements Acknowledgments are gratefully made for the assistance of numerous friends and acquaintances. The largest debt is to Professor Borsali, Fewzi because his patience, sound advice, and pertinent remarks were of capital importance in the accomplishment of this thesis. I would not close this note of appreciation without alluding to the great aid provided by my wife Fatima Zohra Melki. 2 Dedication To my family, I dedicate this thesis. Pages Contents 3 List of Tables. ........................................................................................................................................................................ vi List of Abbreviations......................................................................................................................................................... vii Introduction. ........................................................................................................................................................................
    [Show full text]
  • Civil Discourse. This Podcast Will Use Government Documents To
    Welcome to Civil Discourse. This podcast will use government documents to illuminate the workings of the American Government and offer contexts around the effects of government agencies in your everyday life. Now your hosts, Nia Rodgers, Public Affairs Librarian and Dr. John Aughenbaugh, Political Science Professor. Nia Rodgers: Hey, Aughie. John Aughenbaugh: Morning, Nia. How are you? Nia Rodgers: I'm good. How are you? John Aughenbaugh: I'm doing fine. Another lovely spring day in The Greater Richmond area. Nia Rodgers: I was going to say in the RVA. John Aughenbaugh: Yes. Nia Rodgers: We're doing our commission series and I think there's a thing we cannot leave out and that is money. The Benjamin's. Monetary policy. John Aughenbaugh: The Jack, the coin, the dinero. Nia Rodgers: Exactly, the bitcoin now. Apparently that's the hot thing. Everybody keeps saying, "Are you going to invest in bitcoin?" I was like, "I can't afford to invest in bitcoin." Apparently, a bitcoin cost you 80 million dollars or something? I don't know. John Aughenbaugh: Yeah. I get asked that question. Nia Rodgers: You know I work for the public, right? John Aughenbaugh: [inaudible] One, I work for the government, and two, I struggle to go ahead and keep current with my IRA, my individual retirement account, right? They're asking me to go ahead and spend valuable intellectual capital on a currency that, one, I'm not entirely sure what it is. Nia Rodgers: Exactly. How it works. I don't really understand it because I barely understand fiat currency as it currently exists.
    [Show full text]
  • The Future of Penal Reform, the Carceral State, and American Politics*
    Bring It On: The Future of Penal Reform, the Carceral State, and American Politics* Marie Gottschalk** Fifteen years ago, mass imprisonment was largely an invisible issue in the United States. Since then, criticism of the country’s extraordinary incarceration rate has become widespread across the political spectrum. The huge prison buildup of the past four decades has few ardent defenders at present. But reforms to reduce the number of people in jail and prison have been remarkably modest so far. Meanwhile, a tenacious carceral state has sprouted in the shadows of mass imprisonment and has been extending its reach far beyond the prison gate. It includes not only the country’s vast archipelago of jails and prisons, but also the far-reaching and growing range of penal punishments and controls that lie in the never-never land between the prison gate and full citizenship. As it sunders families and communities, and radically reworks conceptions of democracy, rights, and citizenship, the carceral state poses a formidable political and social challenge. The reach of the carceral state today is truly breathtaking. It extends well beyond the estimated 2.2 million people sitting in jail or prison today in the United States.1 It encompasses the more than 8 million people—or 1 in 23 adults―who are under some form of state control: including jail, prison, probation, parole, community sanctions, drug courts, immigrant detention, and other forms of government supervision.2 It also includes the millions of people who are booked into jail each year— nearly twelve million—and the estimated 7.5 percent of all adults who are felons or ex-felons.3 * This article is based on a revised and updated version of the concluding chapter of Marie Gottschalk, Caught: The Prison State and the Lockdown of American Politics (Princeton, NJ: Princeton University Press, 2015).
    [Show full text]
  • Reverberations Between Immoderate Land-Price
    Reverberations Between Immoderate Land-Price Cycles and Banking Cycles Mason Gaffney1 Paper delivered at Annual Meetings, Association for Evolutionary Economics (AFEE), Chicago, January 8, 2012 Legacy of the Pecora Hearings. We begin with the Pecora Hearings of March 1933.2 Ferdinand Pecora's were another “ten days that shook the world,” but Pecora's ten days shook the very temple of capitalism, Wall Street itself.3 These were the dying days of Hoover's Administration and the Republican Congress. Herbert Hoover was desperate to find a scapegoat for the disasters he had overseen, yet holding back safely short of challenging the system, or the cartelization of American industry he had sponsored. He focused on an alleged plot by short sellers who were “selling America short.” Few bought this political play on words, so he pushed the lame duck Senate's Banking and Currency Committee to investigate Wall Street and gin up some more scapegoats to save Hoover's face and reputation. Chair of the Committee, through Senate seniority rules, was Peter Norbeck of S.D., a residue of old prairie Populism via T.R.'s Bull Moose Party, and an unreconstructed Progressive4. Norbeck knew little of Banking and Currency – Wall Street Republicans stigmatized old prairie populists as “Sons of the Wild Jackass.” Norbeck sought a savvy prosecutor for the hearings. Few wanted the job – two weeks working for a lame duck Congress, making powerful enemies. Far down on his list Norbeck came to Ferdinand Pecora, a mere assistant D.A. for New York County. Pecora likewise knew little of banking and currency, but was a quick study with remarkable energy, high ambition, lethal aim, and little awe of pedigreed bankers with Ivy- League degrees, and intimidating miens.
    [Show full text]
  • A Brief History of the Glass-Steagall Act
    background paper A Brief History of the Glass-Steagall Act Ten years ago last November, a Republican-led Congress and a Democratic White House rolled out the red carpet for a new age of global, “full service,” too-big-to-fail financial institu- tions. The move repealed the Glass-Steagall Act of 1933, a set of reforms responsible for the longest crisis-free period in U.S. financial history. At the time, industry lobbyists argued that this modern experiment in deregulation would bring greater stability and competitiveness to the financial services industry. Today, it is clear that they were wrong—and spectacularly so. Competition is suffering from high concentration and anti-competitive subsidies to the big- gest institutions, and the system has been radically destabilized by unregulated activities, cost- ing taxpayers nearly $19.3 trillion1 in bailouts and subsidies. As Washington debates the best way to prevent future crises, it is helpful to understand how public policy helped bring about the current one. What Glass-Steagall Was Officially known as the Banking Act of 1933, it was one of the landmark pieces of legislation associated with Franklin Roosevelt’s New Deal. The measure established the concept of de- posit insurance and set up the Federal Deposit Insurance Corporation to provide it. Glass- Steagall2 also erected a firewall between commercial banks, which take deposits and make loans, and investment banks, which organize the sale of bonds and stocks. The Road to Glass-Steagall Between 1929 and 1933, more than 4,000 U.S. banks had closed permanently, saddling de- positors with close to $400 million in losses.
    [Show full text]
  • 10-821-Amici-Brief-S
    NO. 10-821 In the Supreme Court of the United States PAT QUINN, GOVERNOR OF THE STATE OF ILLINOIS, Petitioner, v. GERALD JUDGE, DAVID KINDLER, AND ROLAND W. BURRIS, U.S. SENATOR, Respondents. On Petition for Writ of Certiorari to the United States Court of Appeals for the Seventh Circuit BRIEF OF THE STATES OF LOUISIANA, COLORADO, IOWA, KENTUCKY, MAINE, MARYLAND, MASSACHUSETTS, MISSOURI, NEW MEXICO, NEVADA, OHIO, SOUTH CAROLINA, AND UTAH, AMICI CURIAE IN SUPPORT OF PETITIONER JAMES D. “BUDDY” CALDWELL Louisiana Attorney General JAMES T REY P HILLIPS First Assistant Attorney General S. KYLE DUNCAN* Appellate Chief ROSS W. BERGETHON Assistant Attorney General LOUISIANA D EPARTMENT OF J USTICE P.O. BOX 94005 BATON ROUGE, LA 70804-9005 (225) 326-6716 [email protected] Counsel for State Amici Curiae January 21, 2011 *Counsel of Record [additional counsel listed on inside cover] Becker Gallagher · Cincinnati, OH · Washington, D.C. · 800.890.5001 John W. Suthers Chris Koster Attorney General of Colorado Attorney General of Missouri 1525 Sherman St. 207 West High Street Denver, Colorado 80203 Jefferson City, Missouri 65101 Tom Miller Gary K. King Attorney General of Iowa Attorney General of 1305 East Walnut St. New Mexico Des Moines, Iowa 50319 P.O. Drawer 1508 Santa Fe, New Mexico 87504- Jack Conway 1508 Attorney General of Kentucky 700 Capitol Avenue, Suite 118 Catherine Cortez Masto Frankfort, Kentucky Attorney General of Nevada 100 North Carson Street William J. Schneider Carson City, Nevada 89701 Attorney General of Maine Six State House Station Michael DeWine Augusta, Maine 04333 Ohio Attorney General 30 E.
    [Show full text]
  • Stock Exchange Peactice8
    STOCK EXCHANGE PEACTICE8 MONDAY, MARCH 12, 1934 UNITED STATES SENATE, COMMITTEE ON BANKING AND CURRENCY, Washington, D.C. The committee met at 10:30 a.m., pursuant to adjournment on Triday, March 9, 1934, in room 301 of the Senate Office Building, Senator Duncan TJ. Fletcher presiding. Present: Senators Fletcher (chairman), Adams, Bulkley, Golds- borough, Townsend, and Kean. Present also: Ferdinand Pecora, counsel to the committee; Julius Silver and David Saperstein, associate counsel to the committee; and Frank J. Meehan, chief statistician to the committee; and Koland L. Eedmond, counsel to the New York Stock Exchange. The CHAIRMAN. The committee will come to order, please. Will Mr. Whitney please come up to the committee table ? STATEMENT OP RICHARD WHITNEY, PRESIDENT OP THE NEW YORK STOCK EXCHANGE—Resumed The CHAIRMAN. Mr. Whitney, Mr. Pecora wants to ask you some questions in connection with the additional data to be submitted to the committee this morning. Mr. PECORA. Mr. Whitney, as to the additional data you expected to receive from the members of the New York Stock Exchange in reply to a questionnaire you addressed to them a week ago Saturday, that is, on March 3, 1934, respecting transactions in the so-called " aviation stocks ", have you that data here now? Mr. WHITNEY. Yes, sir. We have the originals right here on the table before you. I might explain that we have brought in both the originals and duplicates of the originals. Mr. PECORA. Mr. Chairman, I wish that they might be received in evidence but need not be spread on the record of the committee's hearings.
    [Show full text]
  • H. Doc. 108-222
    OFFICERS OF THE EXECUTIVE BRANCH OF THE GOVERNMENT [ 1 ] EXPLANATORY NOTE A Cabinet officer is not appointed for a fixed term and does not necessarily go out of office with the President who made the appointment. While it is customary to tender one’s resignation at the time a change of administration takes place, officers remain formally at the head of their department until a successor is appointed. Subordinates acting temporarily as heads of departments are not con- sidered Cabinet officers, and in the earlier period of the Nation’s history not all Cabinet officers were heads of executive departments. The names of all those exercising the duties and bearing the respon- sibilities of the executive departments, together with the period of service, are incorporated in the lists that follow. The dates immediately following the names of executive officers are those upon which commis- sions were issued, unless otherwise specifically noted. Where periods of time are indicated by dates as, for instance, March 4, 1793, to March 3, 1797, both such dates are included as portions of the time period. On occasions when there was a vacancy in the Vice Presidency, the President pro tem- pore is listed as the presiding officer of the Senate. The Twentieth Amendment to the Constitution (effective Oct. 15, 1933) changed the terms of the President and Vice President to end at noon on the 20th day of January and the terms of Senators and Representatives to end at noon on the 3d day of January when the terms of their successors shall begin. [ 2 ] EXECUTIVE OFFICERS, 1789–2005 First Administration of GEORGE WASHINGTON APRIL 30, 1789, TO MARCH 3, 1793 PRESIDENT OF THE UNITED STATES—GEORGE WASHINGTON, of Virginia.
    [Show full text]