Word: sec
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Dates: during 1940-1949
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...Swift & Co. had tentatively agreed with Glore, Forgan & Co. last April to sell its control of Libby, McNeill & Libby to the public; 3,018,000 shares were to have been filed with SEC...
Last week seekers of new capital were scared and scarce. Most interesting issues filed with SEC were two small registrations of common stock. One was for Timm Aircraft Corp., which has a new plane molded out of plastics (TIME, June 3), proposes to offer holders of its 625,005 shares 215,835 new ones at $1 a share. The other was for a marginal plane-engine maker, Continental Aviation & Engineering Corp., a subsidiary of a Detroit back number, Continental Motors. It plans to sell the public 260,000 shares at $3.25 a share through Van Alstyne, Noel & Co. as soon...
...Time lost in complying with SEC rules has increased market risks in issuance of new securities; legalistic requirements have increased the expense of flotations, particularly of small issues: access to the capital market is further complicated by vagueness of SEC rulings and indefiniteness of penalties...
...before bargain hunters could decide whether to wait for lower prices, one big question had to be answered. Would the President proclaim a National Emergency, approve of SEC's closing the Exchanges? Clamor for such a step grew noisier. The Wall Street Journal chided the clamorers, editorialized: "The Securities and Exchange Commission and the authorities of the New York Stock Exchange are to be congratulated upon their refusal to interfere. . . . The wisdom of this policy is demonstrated by the fact that there has been an actual market throughout the entire decline, with no more than one or two cases...
...England would give it), the market still stood in danger of waking up next morning to find itself closed, as it did in July 1914. Administration advocates of such drastic action are still in the minority. But, backed by a barrage of letters, telegrams and phone calls to SEC from small investors pleading for a moratorium, they argue for closure as follows...