Word: sec
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Dates: during 1940-1949
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Shipbuilder Andrew Jackson Higgins Sr. had hoped to let the public in on what he considered a good thing; he wanted to sell it $9,900,000 in stock in his new company. Last week, the Securities & Exchange Commission tripped up fast-moving Mr. Higgins. SEC found that Manhattan's Van Alstyne Noel & Co. (TIME, Feb. 18), which was to get $90,000 for handling 100,000 shares of the issue, had sold stock before the registration statement had been approved by SEC. Actually, said SEC, stock was sold before the statement was even filed...
...SEC's Role-a Clarification...
Your Jan. 21 edition, under Business and Finance, discusses a case involving the registration of securities with this Commission, and estimates what the company will receive for its securities "if SEC approves the new issue...
...TIME respectfully points out S. 101, Sec...
Last week, the Securities & Exchange Commission dropped a wrench in Handy Andy's plans. It charged that Manhattan brokers Van Alstyne, Noel & Co., specifically David Van Alstyne Jr.*, had sold stock in Higgins, Inc., before its stock registration statement had been filed with SEC. If the charges are proved, SEC may revoke, or suspend the brokerage company's permit to deal in securities. If that happens, Andy Higgins may have to shop around for another broker...