Word: issuer
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...Government further objected to the way the defendants set the price of new securities: fixing the price at which they bought the securities from the issuer, and then setting a noncompetitive price at which they sold them to other dealers and investors. As far as Stebbins could see, the investment bankers couldn't lose. Snapped Medina: "I don't see how else [they] could do it. [They] certainly would not . . . make a deal in which [they were] sure to lose money...
...include a moral right to be deliberately in error. . . . Since the claim to the rights of free speech and free press rests on duty of a man to his thought and to his social existence, when this duty is ignored or rejected-as it is rejected when the issuer is a liar, an editorial prostitute whose political judgments can be bought, a malicious inflamer of unjust hatred-the ground for his claim of right is abandoned." Prosecution of such betrayers of freedom might be awkward, he conceded, "but the first step toward dealing with them is to recognize that...
First electric utility to float new-money common stock since 1932 was Indianapolis Power & Light, whose $17,000,000 issue was oversubscribed in less than two hours (TIME, April 15). Last week came the second. The issuer: West Penn Power Co., biggest operating subsidiary of American Water Works & Electric. The amount: $4,000,000 (160,000 shares), coupled with $3,500,000 in bonds. The purpose: a new 60,000-kilowatt steam generator in Windsor, Ohio. As with the Indianapolis issue, the public gobbled...
...Consumers' $28,500,000 bond issue. Foe of competitive bidding, Wendell Willkie had already arranged to have the issue handled by conservative Morgan Stanley & Co., Inc. and Bonbright & Co., Inc., who step out one door when competitive bidders step in at another, holding that both investor and issuer are best served by honest, astute, noncompetitive handling. Since the Consumers Power stock issue is small potatoes to any underwriter, there was a shrewd suspicion that Mr. Eaton was really aiming at the bond issue (on which the banking fee at 2% would be more than $500,000), rather than...
...open market is now more receptive than last year to new issues, but private sales are continuing because issuers can avoid the expense of underwriting and the troubles of SEC registration. Chief buyers are big insurance companies, which generally take an entire issue. This tends to give the insurance companies substantial say in the management of the issuer. Before Phillips Petroleum could market last week's issue, for instance, it had to get permission from a group of insurance firms to which it sold $23,000,000 in debentures in 1935 and 1937. To many a SEC official such...