Word: sec
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Dates: during 1960-1969
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...brokers no longer do their trading from the curbstones of Lower Manhattan dressed in zebra-striped hats and bright blazers, but SEC found that several of the stocks they trade in their spacious hall ("a large number of these have been stock of Canadian mining or oil companies") are as risky as they were in the days of the '49 Gold Rush. "While undoubtedly the great majority of issuers of listed stocks are sound business enterprises," noted SEC, "the Exchange has appeared reluctant to suspend or de-list issues whose future prospects have proved...
...Four Controllers. Presumably the 32-man Amex Board of Governors is expected to keep a vigilant eye on such matters. But, SEC reported, this body has been tightly controlled for ten years by four of its members. SEC identified them as Board Chairman Joseph F. Reilly, 55, Vice Chairman Charles J. Bocklet, Finance Committee Chairman James R. Dyer, 56, and Floor Transactions Committee Chairman John J. Mann, 54. Under their command, President Edward T. McCormick, 50, who resigned his $75,000-a-year job last month in a welter of criticism (TIME, Dec. 22), had his duties reduced to that...
...striking example of how the four men operated, SEC noted that at the board meeting during which McCormick resigned, "Reilly was in the chair, Dyer moved that the resignation be accepted, and Mann seconded the motion. Reilly then relinquished the chair to Bocklet, Dyer moved that Reilly be appointed president pro tempore, and Mann seconded the motion." Dyer, Bocklet and Mann are all Amex stock specialists, that is, men assigned to trade in certain stocks to keep their price from leaping or sliding abnormally (New York Stock Exchange specialists laid out $100 million in one day to cushion a panic...
Bill Smith at 147 lost 4-11, as his Rutgers opponent scored 6 takedowns, an escape, and a near fall, while at 177 Bob Ballantine lost on the only fall of the afternoon after 7 min., 27 sec...
...shares in European funds also run up against government obstacles. At present, no European open-end fund can be distributed by brokers in the U.S. because so far none has chosen to make the kind of disclosure or to accept the restrictions on investment policy that registration with the SEC would involve. But there is nothing to stop a U.S. investor from buying European fund shares through a European bank-and presumably some have. The secretive bankers of Switzerland admit that more than half the shareholders in their mutual funds are foreigners...