Word: sec
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Dates: during 1930-1939
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...such is Mr. Ross. A utility expert who expressed hearty "disapproval of Franklin Roosevelt's early ideas on power distribution, he nonetheless became Franklin Roosevelt's firm friend, was appointed by him two years ago to the Securities & Exchange Commission. Last week Republican Ross resigned from the SEC to take a bigger job offered by Democrat Roosevelt-the administration of the Federal Government's big Bonneville hydroelectric project in Oregon...
...announced a program of increased power production to lower power rates, Utilityman Ross stormed up & down the Northwest denouncing this as faulty theory, declaring that the cost of power distribution rather than production is what makes rates high. Liking the forthright Ross manner, President Roosevelt put him on the SEC to take care of utility restriction & registration. As administrator of Bonneville. he will have charge both of producing and of marketing power...
...Under SEC regulation it often takes: six months to launch a new capital issue, for the plan must be registered with the SEC to get approval for sale. This caused little trouble so long as stock prices were going up. Since prices have been falling there has been utmost confusion. Perfect example was an issue of $44,000,000 offered by Pure Oil Co. and underwritten by 42 firms headed by Edward B. Smith & Co. The new $100 preferred stock was made convertible into four and one-half shares of authorized common, thus evaluating the common at $22.22 per share...
...conservative traits can make as much trouble for Mr. Douglas as radical traits. For the SEC is a small bark tossed on a very angry sea of opinion and politics. On one side there is Mr. Kennedy who is. as the New Deal goes, conservative. He doubtless would not dream of interfering in Mr. Douglas' administration. Yet he is one of the President's closest advisers, therefore a man of power whether he wishes or not, for when Franklin Roosevelt nods his head in confirmation, the Chairman of the SEC can hardly be unaware...
About the current state of the New York Stock Market, whose six-week decline has been attributed by many to thinness of trading brought on by SEC regulation, Chairman Douglas dropped several broad hints: "From time to time we hope to be able to get at the root of market trends. If it is natural, economic forces, that is one thing. If it is artificially caused, that is something else. You should remember that we are not interested in prices as such. . . . We want a free market, and prices will always go up & down in a free market, depending upon...