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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...
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...
...showed air fights and bombs going "Bon!" (Spanish equivalent for "Boom!"). Good sample of what war psychology means to a ten-year-old who knows high explosives better than he knows Dick Tracy was one drawing of an urban air raid in which war planes were carefully distinguished as tri-motor or single-motor jobs, small figures scurried for refuge stations. "Like bugs, poor darlings," said Mr. Weissberger...
Last week, Second Son Bruno. 19, whom his father has called an "idealist" (TIME, Oct.-n), reached less violently for laurels as he zoomed a tri-motor Savoia-Marchetti transport airplane over a 621 mi. (1,000 km.) closed circuit course breaking three speed records for planes carrying up to 4,409 (2,000 kg.) Ib. payload. His speed was 267 m.p.h., four miles faster than the previous record which he himself established last July. With him flew his flying instructor, Squadron-Commander Colonnello Attilio Biseo, who when in Rome acts as personal pilot to his pupil's father...