Word: sec
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Dates: during 1930-1939
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Bert Alfred Canvit, 22, of Hinbrook, New York, the driver, told police he "didn't sec the man until the car bumped against something." Douglas Farmer, 22 of Hinsdale, Illinois, and Erwood G. Edger of Toledo, Ohio, with Canvit at the time, assisted him in taking Duval to a hospital where he died soon after admission. After questioning they continued on their...
Considering that he is a New Dealer, SEC Chairman William O. Douglas now has fairly good repute in Wall Street. Year and a half ago, however, he could justly claim to be the Street's pet aversion-invited to speak before the Bond Club of New York, he produced a caustic tirade which suggested the entire reshaping of investment banking and left his hearers speechless with fury. Among tart Bill Douglas' minor suggestions was that investment trusts take a larger role in underwriting...
Meanwhile, SEC, pondering ways to regulate private security flotations, was last week told by Vice President Charles W. Kellogg of Virginia Electric & Power that private selling is short-sighted even though it does avoid underwriting costs and the irks of registration. Said he: "The buyers for the large life insurance companies are very canny gentlemen. They know just about what it costs to get an issue registered. They know just about what the spread that the company will pay to an investment banking group to sell their bonds will be. And they insist on getting both these things themselves...
...Howard Sykes, independent broker, Henry C. Brunie of L. A. Mathey & Co., Theodore V. D. Berdell of Berdell Brothers. Eventually the Old Guard permitted the appointment of a committee to investigate reorganization. The hollowness of the committee's proposal was echoed by the silence with which SEC Chairman William O. Douglas met it. Furthermore, it outraged many a Curb member with the suggestion that any who also belonged to the Big Board or were associated with a member be penalized...
Last week the reformers finally forced the Old Guard to capitulate and offered a plan genuinely patterned on that devised by the Conway Committee for the Big Board, including paid president, public representation, democratic committee rule. This time SEC Chairman Douglas commented: "Forthright and realistic." Curb members, who are voting officially this week, showed their sentiments by accepting the plan 275-to-1 in a straw poll which was still incomplete at week...