Word: bellancas
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...more talk than oil. Last week the Securities and Exchange Commission, the Government's watchdog over securities markets, filed charges against Chicago Promoter Harry G. Ames, 61, on 14 counts of mail fraud and failure to comply with SEC regulations. The Keystone case,, coming after the collapse of Bellanca stock (TIME, June 25) and indictment of Walter F. Tellier (TIME, May 7), pointed up a growing debate in the U.S. securities industry: Is SEC doing a good job of policing the nation's securities or is it falling behind as markets grow bigger and bigger...
...Then, in one day, it dropped another 5¾ points to 9. Next trading day, the rush to sell was so great that the exchange had to stop trading in the stock; when trading was resumed, it slid to a low of 5¾. At week's end Bellanca had rallied a bit and was up to 7¾. Stockholders had taken a bad beating, but the big loser was Albert, who had held 950,000 shares when the slide started. His paper loss: about $20 million...
...Bellanca stockholders began to sell. As the stock dropped, four brokerage houses, which held thousands of shares of Bellanca stock in Albert's margin accounts, were forced to dump it on the market as Albert's margin fell below the 70% required by the Federal Reserve Board. In all, 350,000 of Albert's shares were sold in a few days...
...been far faster than even his fast rise. He got his start by trading his holdings in L. Albert & Son, a family rubber-mill and plastic-molding machinery business that he inherited from his father (1954 gross: $1,246,000), for 82% of the 1,300,900 shares of Bellanca, then a corporate shell which had some aircraft-parts contracts. Thus, he got a listing on the American Stock Exchange, and a ready market for stock. Albert promptly bought or traded into major interests in a grab bag of some 70 companies, including control of Waltham Watch Co. and Pierce...
...week's end Albert was reportedly dickering with a New York group either to take over Bellanca or bail him out with cash. He had lost his holdings in Waltham Watch and resigned as chairman of Pierce Governor, which promptly proclaimed that it was in sound condition. Only Albert knew what shape Bellanca was in, but even he was not sure. When an aide was asked what properties Albert still owns, he replied: "I don't know, and I don't think Mr. Albert knows...