Word: sec
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Dates: during 1930-1939
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...Twin Wasp Jr. engine, Fuller was first to reach Cleveland, continued on non-stop to Bendix, N. J., the famed old airport of Teterboro where Vincent Bendix now has headquarters. For this Pilot Fuller won $13,000. His cross-country time was 9 hr. 44 min. 43 sec., fastest in Bendix history but below the 7 hr. 28 min. 25 sec. record held by wealthy Sportsman Howard Hughes. Deafened and groggy, Winner Fuller called for a bottle of soda pop, repaired to a Coney Island hotel. A thick man in his late thirties, Frank Fuller is secretary-treasurer...
Under left-wing bombardments, Hearst postponed SEC action on the registrations month after month through a series of amendments. Last week he gracefully abandoned the scheme altogether. Official excuse for withdrawing the registrations: "The market for industrial debentures was turning less favorable at the time of filing and has continued less favorable up to the present time...
Arrest. For several weeks SEC has been investigating the sale of some 273,000 shares of stock registered last year by Trenton Valley Distillers Corp., a sizable company with a plant at Detroit, which is now closed. It was discovered first that the stock had not been sold through the underwriters named in the registration statement; further, that the company took $1 a share for stock which was at that time selling for $3 over-the-counter in Detroit. The difference was apparently absorbed by no less than four sets of middle men and at least two go-betweens...
...this preposterous maze SEC haled up Trenton Valley's ex-president, a Canadian named Harry Low, who promptly put himself in hot water by admitting that he had himself contracted to buy 45,000 shares of his company's stock at $1, a fact not mentioned in the registration statement. To the Commission's counsel, E. Forrest Tancer and H. Victor Schwimmer, this seemed a willful omission-a plain violation of the Securities Act, punishable by fine or imprisonment. Usual procedure in such cases is for SEC to hand over its material to the Department of Justice...
Development. First big break in the united front of U. S. utilities against the Utility Act came last February when great North American Co. (assets: $900,000,000) and American Water Works & Electric Co. ($384,000,000) consented to drop their litigation and register with SEC. Since then the number of companies registered has reached $6, representing assets of $5,000,000,000 out of a total of $17,000,000,000 in all companies affected by the Act. Beyond this there had been no public developments in this battle of the pyramids until last week when American Water Works...