Word: sec
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Dates: during 1940-1949
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Last week, with its second full-length feature, Pinocchio, ready for a nationwide Easter Week opening, Walt Disney Productions applied to SEC for permission to sell 155,000 shares of $25 par, 6% cumulative convertible preferred stock. Purpose of the $3,875,000 offering: to pay off bank loans incurred in building the company's new studio at Burbank, Calif., and to provide working capital for four more features now in production: Bambi, Wind in the Willows, Peter Pan, Fantasia...
...first time since November 1938, the biggest 26 U. S. life insurance companies-holders of 87½% of the assets of all life companies-were free last week from the job of waiting on and helping SEC in its vast insurance study for the Temporary National Economic (monopoly) Committee. As far as TNEC was concerned the study had been completed. But for the big 26 there was still a question to decide. TNEC had offered to let them present further testimony on the probity of U. S. life insurance. Should they do so? Through last week officers...
...monumental study of the big 26 prepared by SEC Economist Ernest J. Howe had showed that the big 26 own 11.6% of the Federal debt, hold better than a tenth of the mortgage on U. S. private industry, 17.4% of the mortgage on U. S. railroads (TIME, Feb. 26). It also showed that they had been more astute in investments than any other big financial group, grounded the fair conclusion that policyholders had suffered less in depression than bank depositors, brokers' customers, stockholders of investment trusts. Toward the close of the hearing last fortnight, SEC's grey-haired...
...impressed as anyone by this comparative record was SEC's Leon Henderson whom Business has come to regard as its foe. No one was more astounded than insurancemen when Commissioner Henderson broke in on Statistician Best's testimony to point and dramatize the Best statistics...
...investment policy is concerned." Pleased but not disarmed as the hearing ended, U. S. insurance still had reason to fear that the TNEC study may still be the basis for a bill to put the business under Federal control, not at this session of Congress when the SEC has its hands full with its investment trust bill, but perhaps...