Word: marketed
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Dates: during 1950-1959
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Furthermore, the 5% bonds loosened the pressure on the short-term market. The discount rate on the three-month bills offering dropped noticeably (4.194% to 4.007%) before a new issue at week's end was offered at a record high 4.262%. Treasury officials, however, called the jump temporary, expect that the rate will decline again this week...
...success of Treasury Secretary Anderson's magic fives caused many private money authorities to think that the worst pinch in the money market may be over and rates may level off. While Anderson will be competing with the heavy seasonal demand by business for funds to finance the building of Christmas inventories, the fact that the issue was so heavily oversubscribed suggests that the 5% note was anything but a one-shot wonder...
Underlying the SEC's new problems is the fantastic growth of the U.S. stock market. From a value of $34 billion when the SEC began, stocks listed on the New York Stock Exchange are now worth nearly $350 billion. In the past seven years alone, the number of shareholders has doubled from 6,000,000 to 12,500,000. New corporate issues, which amounted to only about $400 million in the 1930s, now total more than $16 billion annually...
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...