Word: sec
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Dates: during 1930-1939
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...exodus is already well under way. Going last week was John Burns, general counsel of SEC, father of five children, to a better paying job. Going were five of SEC's younger officials; gone Reginald Laughlin, RFC's assistant to the general counsel; going the assistant general counsel from the Treasury; gone AAA's director of the North Central Division to a packing firm, its assistant Southern director to a big cotton ranch, the head of its sugar section to the Sugar Institute. Gone after his chief was one of Rexford Tugwell's economists, to represent...
...reason for abandoning Mayflower was the possible long-range effect of the undistributed profits tax on Mayflower's theory of operation. When President Robert Earll McConnell was on the witness stand last October in the SEC's investigation of investment trusts, he pointed out that Mayflower was not an investment trust in the usual sense. Explained Mr. McConnell: "Its avowed purpose is not merely to purchase and hold securities for income, but rather to undertake hazardous ventures; to pioneer in new enterprises, and to develop new sources of minerals and raw materials...
Amazed last week was Chairman James McCauley Landis of the Securities & Exchange Commission by the name sent in to him by a caller-President Sydney Richard Inch of Electric Bond & Share, biggest power holding company in the U. S. and defendant in the SEC's test suit on the Public Utility...
Inch chatted amicably with Chairman Landis and his fellow Commissioners, made an inspection tour of the SEC division which will police his business if Bond & Share loses its case. Why Mr. Inch suddenly decided to call on his worst enemy was not revealed but the immediate explanation was that he had a forehanded desire to get acquainted...
That explanation was certainly reasonable. A few days later, at the annual convention of the Investment Bankers Association in Augusta. Ga., in his first speech since the election. Chairman Landis officially confirmed the prevalent belief that for the next four years SEC intends to be tough. Referring to holding company resistance to the Public Utility Act, Mr. Landis declared...