Word: sec
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Dates: during 1940-1949
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...prevent Lewis from becoming "dictator of this country," and they asked the public to help by writing Washington. Whatever Lewis' ambitions, there was little in the Southerners' citations to support their charge. Wrote Columnist Dorothy Thompson, after reading the ad: "There ought to be something like the SEC to protect ... the public against consciously fraudulent or misleading statements . . . that demand political action on the part of the public...
Last week the veil was snatched away when Morgan, Stanley & Co. made public the SEC registration statement. Viscose was revealed as a $122,000,000 company. Since 1931 it has made $62,000,000. Only in one year did it show a loss ($1,873,000 in 1938). Last year's profits totaled $7,885,000-up 60% over...
...Charles, Mo. court last week, Union Electric Co. of Mo. (a subsidiary of North American Co.) was found guilty of trying to buy the election of candidates opposed to a municipal power plant-one of the uses to which it put a $580,000 political slush fund discovered by SEC two years ago. The penalty: a $175,000 fine, with the company's charter to be forfeited if it ever tinkers with politics again...
...tough. Galsac, the favorite, bowed a tendon on the next-to-last jump. Another horse broke a leg, was destroyed. Winner was Rockmayne, a bay gelding racing in the colors of Louisville's Barbara Bullitt, cousin of Ambassador William Bullitt. His time: 5 min., 41 2/5 sec. Her prize: $1,000 and a leg on an old silver cup made in 1820 for the Earl of Coventry...
...SEC Chairman Jerome Frank got the backstop idea while he was complimenting Jones on his tough handling of the Arkansas State issue he took at a "reasonable" price and resold promptly at a profit. He asked Jones if he would similarly make a market in big utility deals, and last week Jones made public his promise to compete for any big issues which bankers seemed to be negotiating for on their own terms. Subsequently he will accept piecemeal bids from bankers or market the bonds direct to insurance and trust companies. In that event, probably more gilt-edged flotations would...