Word: sec
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Dates: during 1930-1939
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...Next to TVA, the most prominent New Deal agency scheduled to face Supreme Court test this term is the National Labor Relations Board. AAA II (sec col. 2) and Wages-&-Hours may also have their turns if test cases can be sped...
...Washington last week highdomed SEC Commissioner Jerome Frank lay in bed suffering with pneumonia. But even as he did so he added a chapter to depression economic philosophy. Before a meeting of the National Association of Securities Commissioners in Kansas City, husky SEC Lawyer Chester Lane read a speech that Commissioner Frank had written, a speech that excited comment in financial circles, drew even an approving nod from the arch-Republican New York Herald Tribune...
...Chandler Act smooths out many of the flaws in famed Section 776 of the Bankruptcy Act. Two principal changes are that 1) a court, in corporate reorganizations involving liabilities of $250,000 or more, must appoint an independent and disinterested trustee; 2) a court may call upon SEC for advice in any corporate reorganizations, must do so if liabilities are over $3,000,000. The commission is thus given the duty of serving as the advocate of investors and of giving courts the benefit of impartial expert opinion. These advisory reports will also be sent to all investors involved...
...Cracked down upon another investment "thrift plan" (for selling securities on the installment plan over a term of years). SEC has enjoined an estimated 25% of such U. S. thrift plans from selling shares without prospectuses or with misleading information. Last week the sixth thrift plan enjoined by SEC, Lexington Foundation Inc., consented to a permanent injunction without admitting guilt.* Lexington, whose contracts total about $16,000,000, may continue in busi ness so long as it is careful to issue prospectuses which make clear such facts as that from the first $100 which an investor pays, some...
...cautiously declared that this time it would do its best to remain open. This would obviously be easier than in 1914- margins are 40% now against about 10% then and volume of sales has increased some eight times, making foreign holdings and trading less relatively important. Last week the SEC and the Exchange had their heads together on methods of cushioning the inevitable shock that war liquidation would bring. Day after the Sudeten ultimatum to Czechoslovakia, volume rocketed to 2,800,000 shares and prices broke to new lows since June (132 on the Dow-Jones Industrial scale...