Word: sec
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Dates: during 1930-1939
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...Congress, to the U. S. Senate in 1927. His voting record suggests eccentricity yet shows a pattern: against war, racial injustice, Prohibition, Bonus, tariffs & embargoes, depreciated currency. War debts. He voted against the Wagner Act, the Guffey Coal Act, the Utilities bill, AAA, TVA, NRA, Cotton Control; for SEC, Neutrality, Pump Priming, fathered the Miller-Tydings Act for price control of trademarked goods. In this campaign, his most vulnerable spot is his failure to vote on Social Security...
...Began hearings preparatory to enforcing the utility "death sentence" upon sprawling Utilities Power & Light Corp. As SEC announced it would do last July, it set about breaking up this "scatteration" of utility holdings in the first exercise of its most bitterly attacked utility duty. Attorneys for Associated Gas & Electric Co. and Atlas Corp., the two concerns with the biggest stakes in U. P. & L. since it went into 77B reorganization promptly indicated that the case might proceed to a Supreme Court test of the "death sentence," as most of the industry expected...
...retire some bank loans. But, like many another gun-shy firm today, it distrusts the standard form of bond issue, which can cause such a crisis as that now afflicting the B. & O. railroad by maturing during depressed times (see p, 62). So last week Sunray Oil filed with SEC registration for what it believed to be a new type of security- "a corporate contractual obligation of indebtedness without fixed maturity...
...Began field work for the Monopoly Investigating Committee. Armed with subpoenas which they were instructed not to use unless necessary, SEC agents started looking into insurance investment practices (TIME, July 25), and Department of Justice agents delved into a study of patents. Two pronouncements this year by President Roosevelt, plus recommendations by Solicitor General Jackson and ex-Assistant Secretary of State Berle, indicate that the 100-year-old patent laws are due for an overhauling-if evidence confirms such suspicions as that big corporations suppress patents to block new products...
...file with SEC or awaiting issuance are four sizable issues proposed for sale in September: Youngstown Sheet & Tube, $30,000,000; Phillips Petroleum, $25,000,000; Atlantic Refining Co., $25,000,000; Gulf States Utilities $10,000,000. Only about half of these four borrowings are for working capital-hence industrial companies, if not utilities, are floating loans for new money. Another plain fact is that generally only top-notch companies thus far have tried to raise money and they have offered mostly senior issues. Many economists hold that there can be no noteworthy recovery in the capital market until...