Word: sec
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Dates: during 1940-1949
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...weary-looking, blueblooded Philadelphian, Fitz Eugene Newbold, partner in the 96-year-old house of W. H. Newbold's Son & Co., filed a registration statement with SEC three weeks ago, was preparing this week to sell $500,000 of stock to lease the mine from its owners, Philadelphians William and Mary Lord Sexton. Terms of the lease: $20,241 cash, at least $10,000 a year plus 10% of the gross. Trusting chiefly to the mine's great record, the Newbold syndicate has taken no new samples at New Almaden. It underlined the words "very speculative...
...incredulous as Greenwood was SEC when N. E. P. A. asked approval of the deal. He was on the witness stand for seven hours convincing the Public Utilities Division that he had nothing up his sleeve, was no stooge...
...long Greenwood will be able to continue the operations of the company is conjectural," wrote SEC in giving its doubtful blessing to the sale...
...West Penn flotation reflected 1940's major change in utility financing. Two months ago, Water Works' 75-year-old chairman, aristocratic, silver-mustached H. Hobart Porter, suggested selling $5,000,000 of new West Penn bonds, $2,500,000 of preferred stock. SEC told him that since West Penn's common stock amounted to only 22.9% of its $121,383,501 of capital and surplus he ought to freshen the kitty. Instead of fighting or calling it all off, Water Works and SEC traded, compromised. The $4,000,00 of new stock raises the common-stock share...
Last week utility investors got a whiff of further equity offerings to come. Answering SEC's demand for an integration plan, far-flung Standard Gas & Electric announced "partial compliance." It proposed to sell control of its properties in California and the Northwest to holders of (and in exchange for) its own notes and debentures, thus freeing three subsidiaries, retiring part of its debt, reducing its own size. Last month SECommissioner Mathews accepted a job with the Standard Gas system because Standard's management had convinced him that it was trying to comply with the spirit of the Holding...