Word: sec
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Dates: during 1950-1959
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...burglar alarm, just patented last week, has already put a crimp in the burglar business. Developed by Samuel Bagno and manufactured by the Alertronic Corp. of Long Island City, the Alertronic alarm has one or more "loudspeakers" that generate sound waves with a frequency of 19,000 cycles a sec. This is too high-pitched for normal human ears, whose upper limit is about 18,000 cycles a sec., so the office or bank protected by Alertronic seems silent to a burglar, although every cubic inch of its air is in rapid vibration...
...Under a stock option, exercised last February when RCA stock sold at 29, Sarnoff bought 100,000 shares and Folsom bought 50,000 at 17¾ as a long-term investment, with money borrowed from the banks. But during the six months they had to hold the stock under SEC regulations, the market price tumbled. Pressed by the banks, they were forced to sell 105,000 shares in all, for a profit of roughly $290,000, taxable at only 26%, compared to the $1,180,000 profit they had on paper last February...
INVESTMENT bankers can expect less SEC red tape. Among pending reforms: 1) shortening of the 20-day waiting period before better-grade debt securities can be sold; 2) shorter registration forms for investment trust and high-grade bonds...
...mechanical-minded young and not-so-young who fly model airplanes in tethered circles have a new mark to fly at. Last week Sherman Holt, 14, of Fayetteville, N.C. kept a model plane in the air for 8 hrs. 31 min. and 50 sec., leaving his nearest competitor more than seven hours behind...
...buyer's market, and big lenders drove some hard bargains. Before they would buy, 15 big institutional investors (mostly insurance companies) demanded that the Arkansas Louisiana Gas Co. agree not to try to refund a $35 million issue at a lower rate for the next ten years. The SEC, which usually opposes, in principle, such provisions to freeze current high-interest rates into an issue for long periods, let the clause stand, only because it thought Arkansas Louisiana probably could not have got the money without it. But the clause was a tacit admission by the lenders that they...