Word: sec
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Dates: during 1930-1939
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...annual 500-mile Memorial Day automobile race; his first major victory in 22 years of racing; driving the entire distance without relief and stopping only once (for 30 seconds); finishing five miles ahead of second-place Wilbur Shaw, last year's winner; in 4 hr., 15 min., 58.40 sec., for an average of 117.200 m.p.h., which broke the record of 113.580 set by Shaw last year; before a crowd of 150,000; at Indianapolis. Of the 33 drivers who started, only 13 finished. One, Emil Andres of Chicago, wound up in a hospital after his car turned over three...
...Dropped SEC charges against Gerald Loeb and Gordon Crary for alleged rigging of Auburn Automobile stock from $38 a share to $54 in two months in 1935 and 1936; Gerald Loeb and Gordon Crary resigned from E. F. Hutton...
...Suggested, unofficially, a trust company to "take over the functions of .banking, clearing of securities and the custodial duties of all members of the [New York] Exchange." Including this idea in his speech to the Association of Stock Exchange Firms at Manhattan's Hotel Commodore, SEC Chairman William O. Douglas. thus revived a proposal made in 1932 for reasons of economy by members of the Exchange itself...
...SEC lawyers and accountants have been toiling almost three years on a study of investment trusts, to be followed by a report to Congress, recommendations for a regulatory law, doubtless a permanent bureau staffed by SEC lawyers and accountants. One of SEC's aims is to prevent capture of one investment company by another (especially when the capture is financed with the captured company's assets), with disregard of minority stockholder's interests...
...Right in SEC's face a month ago, the Continental Securities case exploded; in court April 23 (TIME, May 2), counsel declared Continental's $3,300,000 assets had dwindled to $20,000. Last week-as SEC was laboriously delving into another phase of its investment trust inquiry, the accounts of the old Founders companies -the Continental case exploded again...