Word: newarks
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Died. Porter Hinman Dale, 66. senior U. S. Senator from Vermont; of a heart attack; in Newark...
...some airlines to tie the control wheel, lest a sudden gust flip the control surfaces about, damage them or even upset the plane. Last week the control-lashing practice was blamed for a crackup. A big biplane of Eastern Air Transport, loaded with 15 passengers, had taken off from Newark Airport, climbed some 50 ft. and flopped down again. Alleged reason: a mechanic failed to unlash the control stick before the plane took...
...gross incomes on top of that (TIME, Oct. 2). The brokers, suddenly awakened to the weight of their State taxes and determined not to bear the Mayor's imposts, were going swiftly ahead with their plans to move across the Hudson River to tax-free Jersey City and Newark. Carpenters and electricians were working overtime to make ready Newark's Centre Market as the Stock Exchange's main trading floor. Upon the brokers' exodus, the State would stand to lose perhaps $30,000,000 in annual taxes. Worse, the bankers were wringing their hands over what...
...flight of the brokers ceased as suddenly as it began. And while Wall Street jubilantly referred to it as the "modern Boston Tea Party," New Jersey realtors plummeted into gloom. President Whitney of the Stock Exchange halted his workmen and negotiated a settlement with Newark's Mayor Ellenstein. The brokers' gesture had cost them some $100,000, but this they could easily meet with $100 initiation fees collected from the 1,300 applicants for membership in the proposed Jersey exchange...
Plans last week called for shifting about 15 of the most heavily traded issues as a starter. This would account for nearly one-half of the total daily volume of trading Gradually other active stocks would be added until the bulk of the market was in Newark. Still unsettled last week was the prime point of whether firms, most of which have only one floor member, could use a nonmember alternate. With an alternate on the New York floor and the regular member in Newark, the house would avoid the use of "$2 brokers" who execute orders for other members...