Word: prospectuses
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...trustees collectively and individually accept responsibility for the accuracy of the information given in this prospectus to the full extent provided in the Federal Securities...
...books for the registration of new securities offerings (TIME, July 17), Massachusetts Investors Trust (Boston) was first to file. The new law requires exhaustive information about the issuing company and imposes such horrendous penalties for any omissions or inaccuracies that directors and underwriters have trembled as they composed their prospectuses. Last week Massachusetts Investors Trust issued its prospectus for the shares it intends to sell and boldly took the bull by the horns. Businessmen noted that in place of the old familiar formula ("The information contained herein is not guaranteed but is compiled from sources which we believe...
...windward in a sea of liability. Many a bank has refused to sell bonds ex cept over the counter in its own office, refused to give any information about them by mail. Blyth & Co.. in selling 147,500 shares of Kingsbury Breweries Co.; Manitowoc, Wis., issued a prospectus giving the com pany's earnings for May as $107,719 but added: "It should be recognized that the present margin of profit . . . is unusually large . . . to that extent the earnings during this period should not be used as an indication of what may conservatively be expected subsequently...
...shares of International Mining Corp. common were typical: ''This advertisement appears as a matter of record only* and is under no circumstances to be construed as an offering of these shares, or as a solicitation of an offer to buy. . . . The offering is made only by the prospectus . . . copies of which may be obtained from International Mining Corp. . . . or from its agents. Lehman Brothers." When inquirers telephoned Lehman Brothers to ask for conies of the prospectus, they were told that it would be sent them by messenger, not by mail...
...David Meriwether Milton made an exchange offer for the publicly-owned stock in one of his subsidiaries. With the offer went a clear promise to register the company's stock with the Federal Trade Commission as soon as the new Securities Act allowed, and a detailed 12-page prospectus. Bearing no hedge clause, it startled Wall Street with the statement: "No dealer, salesman or any other person is authorized to give, and no person is entitled to rely on, any other information or representations than those contained in this prospectus." Estimated expense of the exchange: $50,000, of which...