Word: sec
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Dates: during 1930-1939
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Died. Peter Verigin ("Peter the Sec ond"), 53, leader of Western Canada's 15,000 Doukhobors; in Saskatoon, Sask...
After six months of dickering between I. P. & P. and SEC, both parties agreed to a plan under which the $800,000,000 empire's $583,000,000 in utility properties would be transferred to a liquidating trust. After a projected reorganization, I. P. & P. will still have assets of $250,000,000, will still be the world's biggest paper company-as it was before it ever heard of Archibald Graustein...
...interest of 18.3% in North American. This is the sort of setup the Public Utility Holding Company ("death sentence") Act of 1935 was specifically designed to alter. Shrewd Harrison Williams was the first of the major utility tycoons to submit to its painful yoke, and North American registered with SEC in February 1937. By last fall when SEC finally forced the rest of the industry into line, Mr. Williams was all set to flatten his pyramid...
Fidelity Investment Association is one of the largest U. S. "thrift plans." has sold $600,000,000 worth of its contract certificates on the installment plan in its history. Shortly before Christmas SEC charged Fidelity with something less than fidelity to its 60.000 investors. Publishing untrue statements, not maintaining required statutory reserves, writing up book value of securities, using investors' funds for the benefit of its officers-such were SEC's accusations (TIME...
Fidelity's president, 68-year-old Carmi Alderman Thompson, onetime Treasurer of the U. S. (1912-13), protested bitterly. But rather than go through lengthy litigation on the matter, he agreed to a permanent injunction terminating all the alleged violations of SEC regulations. This quieted SEC but brought a court petition from nine Fidelity shareholders asking that it be put into receivership for insolvency. While Fidelity voluntarily ceased selling certificates and making payments, the case dragged through several postponements in Federal District Court of Wheeling, W. Va., headquarters of the company...