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A $1,000,000 issue of City of Philadelphia "Recovery" Bonds was offered in an advertisment "approved by the SEC, DAR and GOP." Purpose of the issue was to finance "rehabilitation of the devastated Philadelphia area after the Democratic National Convention." Philadelphia was also to get a $3,000,000 WPA allotment "for harnessing the tides of oratory" at the Convention, with an involved contraption expected to provide enough power to "burn up 150,000 Republicans." It was called the "Passadasugar Project."
The Bawl Street Journal did not confine itself to politics. At a meeting of Iowa Bankers' Association all delegates were given keys to the city of Des Moines "but locks were changed immediately after presentation." Lee Higginson Corp., offshoot of the old firm that banked on Ivar Kreuger, advertised: "MURALS, MARBLE, MOSAIC—you are cordially invited to visit our office." A footnote explained that the office was "open for business." Another advertisement: "Underbidders and General Disturbers—Morgan Stanley & Co. Inc.—Founded on the rocks of Morgan, 2 Bawl Street, RElated 2-J.P."
A Brown Harriman & Co. advertisement offered to refund old bond issues with "sweet, streamlined 2½'s . . . 1937 conversion features with hindsight preventers sell our issues like fried cakes." R. W. Pressprich & Co. suggested: ''We'll take the gold out of your teeth and put silver in your hair." New York Central R. R.: "We take pleasure in announcing that both our tracks and our securities are again above water."
Sample from the "Inquiring Investor" column: Why do newspaper advertisements of new bond issues state that "this is not an offering" and that the offering is made only through ''the prospectus?" What is the distinction—Cora Cuddle. "What you read in the papers is only a brief for the defense. The prospectus is a signed confession." Samples from the "What! No news?" column: "
Dividends—Chairman Sewell Avery of Montgomery Ward told stockholders at the annual meeting that an increased dividend is desirable, but so is world peace and Mae West.
"Senateenator Robert La Follette (R., Wis.) advocated the single-tax plan in a fiery speech before the Senate today. 'Instead of asking Congress for a special tax here and a special tax there, the President should put all his begs in one askit.' "