Word: prospectuses
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Every bondsalesman knows that few investors (except professional security buyers) ever read even the few material facts in the old one-page prospectus. Today a prospectus for a big corporative issue contains 50 or 60 pages of facts. ¶ Lately the Senate asked the Federal Trade Commission to investigate monopolistic tendencies under the Steel Code. Last week in a 70-page report the Commission said that the Steel Code did indeed foster monopoly. It struck at the domination of the Code Authority by a handful of big producers, flayed the price-fixing provisions. Particularly obnoxious to the Commission was restoration...
Promoter Goodwin estimated last week that 225,000 U. S. churches would be benefited by his plan. To make it even more palatable, the prospectus announces that manufacturers whose products appear on the lists must agree to use "a portion'' of increased profits to raise wages, shorten hours, improve labor conditions, eliminate child labor...
...owed to it by Cuba refunded into Cuban bonds which were then sold to the U. S. public; that the Chase had in effect unloaded on the public, since Cuba then had a deficit of $7,000,000 for the previous year (not mentioned in the prospectus for the bonds); that the Chase and its associates had taken some $3,000,000 for financing and refinancing $80,000,000 in Cuban loans...
...that "extreme instrument" in the Roosevelt tool bag, the Securities Act, Sir Josiah chuckled: "They designed it to protect investors but in their enthusiasm Congress so framed it as to make it impossible to draw up a prospectus so as to raise money...
...stop-order issued by the Federal Trade Commission under the new Securities Act. Last month the Speculative Investment Trust of Fort Worth, Tex. registered a $250,000 issue with the Commission. Its registration papers were found to be inaccurate and incomplete. It failed to file its advertising prospectus-addressed to "Dear Friends & Backers," promising "Big, Quick Profit Winnings," and adorned with a large NRA Blue Eagle. The concern was ordered not to sell any of its stock, under pain of $5,000 fine and five years imprisonment, until it fully complied with...