Word: sec
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Dates: during 1960-1969
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...chase with magneto failure on the 43rd lap. U.S.A.C. Sprint Champion Roger Mc-Cluskey rammed into California's Chuck Hulse, and both Offies cracked into the retaining wall at close to 100 m.p.h., although neither driver was hurt. At the end of 50 miles, Clark had a 7-sec. lead on Gurney and a half-lap on the nearest straining Offy. "Let's go home," said a man in the stands to his wife...
...through traffic like a patrolling turnpike cop. After 131 miles, only one other car was on the same lap: the white Offy of Texas' Veteran A. J. Foyt, 28, winner of the Indy 500 in 1961, two-time U.S.A.C. champion. At one point, Foyt closed to within 7 sec. But Gurney was boxed in. He broke clear and within ten laps the lead grew to 13 sec. It was all over-unless...
...companies filed a registration statement with the SEC last week outlining plans to issue some $27 million worth of public stock for a project to pipe pay TV to subscribers in Los Angeles and San Francisco. Hopefully, they will be offering first-run movies, all the productions of Manhattan Impresario Sol Hurok, and the home games of the Los Angeles Dodgers and the San Francisco Giants, now blacked out on local commercial...
...SEC turned an equally cold eye on mutual fund salesmen. The lure of plumper commissions prompts salesmen to tout the plans with front-end loads above all others. An Investors Planning Corp. salesman who sells a 121-year front-end plan at $20 a month, for example, collects $57 in commissions on the first year's payments of $240; if he sells a $1,000 one-payment plan, he gets only $32.50. Most mutual fund salesmen are part-timers who earn less than $1,000 a year, and many of them are ill-trained recruits who give...
...SEC found that some funds deliberately seek salesmen with little or no savvy in the securities business, recruit a large number in the armed forces to sell to buddies or subordinates, and have their salesmen play to the "fear, pride and patriotism" of prospective buyers. One brokerage firm that also specializes in selling training materials for fund salesmen-Kalb, Voorhis & Co.-advises them to use the "accidentally-on-purpose" technique: when filling out a fund contract, write in an astronomically high monthly investment-perhaps $250-to start the buyer "thinking...