Word: boiler
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Dates: during 1950-1959
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Muffled by censorship and tight military control, the noises coming out of Iraq last week nonetheless sounded like the laborings of an untended boiler approaching the point of explosion. Iraq's newspapers triumphantly reported the capture of some of the men who had almost succeeded in killing Premier Abdul Karim Kassem (TIME, Oct. 19)-but gave no names. Scarcely had these good tidings been announced when Radio Baghdad trumpeted that another assassination plot had been uncovered-but gave no details...
...Boiler Shops. It is the SEC's delays in approving registrations of new issues that are spurring Wall Street's biggest complaints. Said Robert L. Winkler, partner of Bernard Winkler & Co.: "By the time the SEC gets around to approving a registration, market conditions have changed and issues often cannot be floated." In the year ended last June 30, the SEC approved an alltime high of 1,226 securities-registration statements, a 34% increase over the previous year. In many cases the time needed for an O.K. was 28 days after filing, eight days more than...
Wall Street's bull market has also brought other troubles-among them the revival of the oldtime boiler shop.* Most boiler shops are hit-and-run operations that fold up before the SEC can swing into action. But in the past year the commission, largely through its New York regional office under Paul Windels Jr., has cracked down hard. In fiscal 1959, the SEC's total number of injunctions against brokers and security dealers doubled over the previous year to in, and its number of criminal actions tripled to 45. "We'd do more," says SEC Chairman...
Despite the backlog of work, the SEC is still expanding its operations. To educate investors to the dangers of phony promotions, the commission has been sending out posters describing the work of boiler-room operators. Now it is preparing 15-and 30-second shorts for radio and TV, warning about stock-market swindlers. Says SEC's Windels: "Fraudulent promoters can do their work so fast that the SEC often cannot stop initial damage. But if the public is warned, then these crooks have far less room to work...
...hands tending potato vines in a commune, Liu's reaction was hard advice: "Do not be scared by a little blood." And when a Communist bureaucrat, whom he was lecturing on the need for working-class experience, observed, "There are still people who regard working in the boiler room as living hell," Liu snapped back: "We need more such hells...