Word: boilers
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From all over the countryside they descended on Peking last week-swarms of muscular women in tight pigtails, laborers' boots and identical blue boiler suits. The glorious revolution, said Madame Soong Ching-ling, U.S.-educated* widow of Sun Yat-sen and now People's Vice Chairman, had brought about a great change in Chinese "esthetic views . . . The fragile, slender and sentimental girls, whom the exploiting classes regarded as pretty, are ugly and degenerate to the working people." Banners flaunted high, red-and-gold streamers clutched in their hands, the emancipated women of Red China cried back their full...
...liner Claridon, several days at sea with 1,500 passengers aboard, is not alarmed by the news of the fire, and fortune at first seems to smile on his sangfroid. The blaze is quickly put out. But its heat has fused the safety valve of the No. 3 boiler, which eventually blows its top through third, second and first-class cabins and rips a sizable hole in the side of the ship. The captain orders the lifeboats lowered, and as bulkhead after bulkhead bursts, he makes his desperate calculations: in 50 minutes the Claridon will take the fatal plunge...
...created a sensation. Issued last fall at $3 a share, the stock bounded to $30. But three weeks ago the price plunged from $28 to $2 in eight hours. Last week, after investigating this giddy performance, New York Attorney General Louis J. Lefkowitz charged that "professional racketeers, promoters and boiler-room operators" had bilked investors of $4,000,000. Only this time, said Lefkowitz, the public had company in its misery. Many brokerage houses were sucked into the stock-rigging, sustained such heavy losses that some may go bankrupt...
...Boiler Rooms. Oreclone had originally contracted to pay $20,000 in expense money and hand over 60,000 "free" shares and 20,000 warrants to its underwriters in order to raise $480,000 of new money -a suspiciously large underwriting commission. To create the appearance of great public interest, promoters sold stock through boiler-room operations, also arranged with cooperating brokers to buy shares, offering to purchase them at cost plus a 1/16-to 1/4-point profit for the broker. Seeing the stock rise, other brokers jumped in, began trading. All told, the SEC discovered, some 190 firms bought and sold Oreclone...
...Armstrong Circle Theater (CBS, 10-11 p.m.).* A primer for all potential stock speculators. Full Disclosure is a frank and fact-filled tour of the "bucket shops" and "boiler rooms" where too many market amateurs are separated from their cash...