Word: sec
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Dates: during 1930-1939
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...Tired Business Men who twirled their radio dials one night last week picked up the voice of Assistant Attorney General Thurman Arnold as he pleaded for a larger trust-busting corps-one comparable with SEC's 1,200 or Civil Aeronautics Authority's 2,800. He now has a staff of 65. Said he: "You can't police a country as large as America with a corporal's guard." Meanwhile, as such outbursts spurred vacationless lawyers ransacking files for anything that the Congressional Monopoly Investigation committee might conceivably regard as incriminating evidence, the dogged Federal Trade...
...Tightened rules for proxies. On the theory that security holders are entitled to know all essential information when a proxy is requested, SEC revised its 1935 rules to make proxies include such facts as full identity of the soliciting persons, nature of the matters to be voted on, expenses of the solicitation, powers and rights of dissenting groups. Most important, the new rules, which go into effect October 1, provide space for negative as well as positive choice on the part of the security holder...
...Clarence Scott, has never felt a depression, is now the largest company of its kind in the world. To explain this record, Scott officials talk lovingly of the quality of their tissue. Last week Scott talk turned from tissue to issue as the company registered with SEC plans for a $3,000,000 flotation of stock for plant expansion. Simultaneously, genial President Thomas Bayard McCabe reported a half-year net profit of $743,627.72, best six months in Scott's history...
...Martin say they are 100% in agreement. Soon to be broached to the Exchange, therefore, are: 1) a depository for customers' funds now kept helter-skelter in brokerage houses; 2) a trial segregation of broker-dealer functions; 3) assumption by the Exchange of full policing duties so that SEC will not have to patrol Wall Street; 4) plans for increasing the volume of bond trading on the floor; 5) possible rearrangement of commissions. So long as the market continues to climb, these or any other reforms should not be difficult. If the market crashes, Martin expects...
...securities as can be devised. . . ." He ousted the firm of Carter, Ledyard & Milburn as Exchange lawyers, a post they had held for 60 years, because Partner Roland Redmond had been too closely identified in the public mind with Richard Whitney's fight against reform. He jammed through SEC's short-selling rule. He inaugurated a series of round-table talks with SEC to affirm publicly the partnership between himself and Douglas...