Word: sec
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Dates: during 1930-1939
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...Since SEC's major purpose is to police U. S. security markets,* this ignorance, after three years' intensive study of the subject, might be surprising were it not that everyone admits that complete o-t-c regulation approaches the impossible. Congress was stumped by the problem while creating SEC in 1934 and purposely left the law vague. SEC ordered that all dealers register. Two years ago, after a majority had done so, it began a cautious supervision (TIME, Jan. 13, 1936). Last summer it issued a set of fair practice rules. But not until last week...
...SEC fair practice code, o-t-c dealers now are obliged to give customers all pertinent information on any deal. But it is manifestly impossible for SEC to keep tabs on all firms to see that this is done. Nearest approach, decided Bill Douglas, was to foster the already substantial trend for o-t-c dealers to band together into associations on a geographical basis. The associations would be expected to police themselves, but if they failed, SEC would have the same disciplinary powers over them that it now has over the exchanges-i.e., to suspend any offending dealer...
...This week SEC ruled that, after Feb. 8, short sales of most securities must not be made at prices at or below the last sale price. The New York Stock Exchange floor rules already prohibit short sales below the last price...
...offered the original $80,000,000. Meanwhile it completed plans with Bonbright & Co. for issuing next week $9,000,000 of first mortgage bonds of Consumers Power Co. Other evidence last week that the jam of new financing was finally breaking: Appalachian Electric Power Co. filed with SEC a proposed issue of $67,000,000 in bonds to be offered by Bonbright...
Unlimited class: Fuller (B) threw Gardiner (R), in 2 min., 15 sec...