Word: sec
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Dates: during 1930-1939
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...formal war is recognized, the Maritime Commission must see to it that no U.S. bottoms carry munitions, or any other forbidden cargoes, to ports of belligerents. Other agencies prepared for possible emergencies, each in its own domain. SEC, fearful of a stockmarket crisis, conferred with officers of the New York Stock Exchange. The Departments of Agriculture and Commerce, fearful of the effects of war and the Neutrality Act on crops and prices,* studied 1914 precedents and the current state of crops and industry...
...lawyers a major change in corporate bankruptcy laws which goes into effect this week. This first general revision in corporate bankruptcy laws in 40 years was passed by Congress last June. Named for its introducer, Representative Walter Chandler of Memphis, the Chandler Act is actually the baby of the SEC, whose Chairman William O. Douglas was made a commissioner in recognition of a three-year study of corporate bankruptcies. One of Bill Douglas' assistants then was Samuel O. Clark Jr., a Yale lawyer of the type Douglas, a Yale law professor, likes. Last July therefore Chairman Douglas made...
...open market is now more receptive than last year to new issues, but private sales are continuing because issuers can avoid the expense of underwriting and the troubles of SEC registration. Chief buyers are big insurance companies, which generally take an entire issue. This tends to give the insurance companies substantial say in the management of the issuer. Before Phillips Petroleum could market last week's issue, for instance, it had to get permission from a group of insurance firms to which it sold $23,000,000 in debentures in 1935 and 1937. To many a SEC official such...
...trouble which beset the Youngstown issue helps explain a relatively new departure in U. S. financing-private sale of securities from corporation to investor without benefit of underwriters or SEC. Last year this kind of quiet dickering achieved a record volume of $500,000,000. This year, private sales have already reached $300,000,000. Fortnight ago, Celanese Corp. floated $10,000,000 in debentures privately. Other examples: U. S. Rubber, $45,000,000; Consolidated Oil $25,000,000; Detroit Edison...
Donald Ray Lash, onetime Indiana University and U. S. Olympic track team star, who last year ran the fastest (8 min. 58 sec.) two-mile race in history, was one of 48 rookies named to the Indiana State Police...