Word: prospectuses
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Having mulled over the Lehman letter, SECounsel Burns wrote an answer: 1) pegging was permissible; 2) pegging need not necessarily imply a fixed price, though "activities designed substantially to raise or lower stock exchange prices are clearly manipulative," hence illegal; 3) the prospectus should disclose the fact that the underwriters were engaged in pegging the price of the stock; 4) "this represents my opinion and is not to be taken as an expression of the views of the Commission...
...Mellon Securities Co. and the other Jones & Laughlin bankers scrupulously pointed out in their prospectus, flood damage amounted to perhaps $1,000,000. But weather played another trick on J. & L. this year. At a tremendous saving over rail-carried fuel, the company barges coal by rivers to Pittsburgh and Aliquippa, site of its other big plant 19 miles away. There was more ice in Pittsburgh's rivers last winter than at any time since 1918. For 33 days no water-borne coal was delivered to the Aliquippa works. Costs were increased so much that the company estimated that...
...market last week for $90,000,000 of refunding money. But when a banking group headed by First Boston Corp. and Mellon Securities Co., Inc. floated a $75,000,000 bond issue for Eastern Gas & Fuel Associates last week, many an investor had to plough through an 85-page prospectus to find out what the company...
...British Justice for their part in last year's unsavory "pepper pool" collapse that rocked London commodity markets and brought losses of millions to British investors (TIME, Feb. 18, 1935). The "Pepper King," an Armenian-born British subject named Garabed Bishirgian, had been accused of issuing a securities prospectus which he "knew to be false in a material particular." Aiding & abetting this crime was the charge against John Henry Charles Ernest Howeson, one time Calcutta jute dealer who changed his name from von Ernsthausen before he became the world's undisputed "Tin King." Third defendant was a Howeson...
...punish you." Thereupon he sentenced Messrs. Bishirgian & Howeson to one year of imprisonment without hard labor. That was the same sentence passed upon mighty Lord Kylsant in 1931 in the same court house for the same offence in connection with a scandalous Royal Mail Steam Packet prospectus. The third pepper man received nine months. All appealed...