Word: sec
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Dates: during 1930-1939
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...their respective papers. Bad planning on the part of the Journal and Times, plus a couple of offside jumps by Reporter Ekins, soon put that World- Telegram man far in the lead. This week he completed the world trip in 18 days, 14 hr., 56 min., 50 and 2/5 sec., by no means a record...
...Washington. That group was the nation's investment trust managers, whom the Securities & Exchange Commission is currently investigating as a preliminary to making legislative recommendations to Congress (TIME, Oct. 5, et ante). They have fallen over each other in protesting their earnest desire to cooperate with SEC. They have admitted the existence of abuses, in the past if not the present. They have conceded the need of regulation, for their fellow trusters if not themselves. They have freely volunteered advice on how to catch the goats while leaving the sheep to graze...
...selling more stock to the public and 2) always willing to buy back their stock at approximately its liquidating value. Thus they have the "open-end" feature of fixed trusts, the management feature of common trusts and their own unique feature, redeemable shares. Last week at hearings in Washington, SEC inspected the oldest (1924), biggest ($110,000,000) Boston-type trust in the U. S. - Massachusetts Investors Trust...
...trusts which pass on to their stockholders all their net income including gains from the sale of securities. Since the law's definition of mutual seems to turn on the redemption feature of the Boston-type trust, other trusts are now engaged in a three-cornered tussle with SEC and the Treasury against what they consider gross discrimination...
...adviser who believes in the inflexibility of economic law is Oliver Mitchell Wentworth Sprague, the Harvard seer who quit his advisory job in the Treasury in a huff over New Deal monetary policy. Last week in Washington Mr. ' Sprague held forth upon investment policy for the benefit of SEC. Pointing out that M.I.T. was deeply concerned with steady income. he observed that if appreciation were the chief object, a trust should be a one-man affair...