Word: sec
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Dates: during 1930-1939
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Director of Registration Baldwin Bane came from the Federal Trade Commission, is known as a protegé of Senator Carter Glass. He it is who issues SEC's ''stop-orders," which amount to injunctions shuting off the output of new securities. Since the Securities Act of 1933 was signed, he has passed 1,124 issues, stopped...
David Saperstein, director of SEC's Trading & Exchange Division, is an old-time Pecoraman. Smart, he has hired Wall Streeters steeped in the lore of the tape to watch the ticker day in, day out for signs of manipulation. Whenever his tape readers smell a pool, squads of SEC investigators swarm into action. Technical Adviser Paul Gourrich was trained in Kuhn, Loeb...
...market place was his famed new registration form for old-line companies. After consultation with practicing lawyers and accountants, it was promulgated last winter, promptly released a flood of corporate financing that is still rising (TIME, March 13). Commenting on this simplified form, Accounting Review declared: "The SEC has in one month set effective and, on the whole, reasonable standards for the [accounting] profession which years of futile committee work within professional societies have not been able to produce or even begin to produce...
...SEC's purpose was to cut down on the mass of irrelevant corporate information which was of no interest to anyone-least of all investors, who can hardly be persuaded to read a four-page prospectus in large type. A statement filed on the old form by Republic Steel weighed more than 50 Ib. On the new form Bethlehem Steel registered a $5,.000,000 bond issue in one volume, weighing...
...knows better than Chairman Kennedy that even the new form involves the killing of cows for a pint of milk. To obtain a copy of Armour & Co.'s 121-page statement, filed a few weeks ago, an interested investor would have to pay SEC $17.10 in photostatting. Charges-15? per page for the first 100 pages, 110? per page for the rest...