Word: stockly
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Dates: during 1950-1959
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Fortnight ago, when Wolfson no longer owned any American Motors stock, Alexander Rittmaster, a business associate who Wolfson once said "speaks for me," told the New York Times that Wolfson had sold a quarter of the shares, still had 300,000 to go. Another Wolfson associate got out a statement the same day saying that Wolfson confirmed this. The news knocked the price of A.M.C. stock down 1⅛ points to 11⅝, and about 50,000 shares were bought for Wolfson accounts to help cover their short positions before the SEC got its court order...
...broker who aids him may face the same charge. If the short sales are not covered, he runs the risk of losing heavily if A.M.C. shares rise. At week's end American Motors Boss George Romney stepped in to clear the air, also gave one reason why the stock may well rise. American Motors had no way of knowing that Wolfson was disposing of his stock,* said Romney, who praised the SEC's action. More important, he announced that American Motors operations for the third quarter will be "even more profitable than previously expected," i.e., nine months...
...Under SEC rules, shareholders are not obliged to report stock transactions unless they own 10% of the outstanding stock or are officers or directors of the firm...
...Wolfson sold a trailer company controlled by one of his interests to Detroit's Trans Continental Industries, of which Charnay is chairman, and it became Trans Continental's chief asset. Last week the Securities and Exchange Commission ordered a ten-day suspension of trading in Trans Continental stock on the American and Detroit stock exchanges. Reason: "To prevent fraudulent and manipulative practices...
...charged that Trans Continental shares were being sold by telephone by high-pressure operators, with the claim that the stock would double in 30 to 60 days and that the company had a good profit position and would soon declare a substantial dividend. The truth of the matter, said SEC, is that the company has operated at a loss since 1955. It cannot pay dividends until it pays off $3,000,000 in loans. Furthermore, said SEC, substantial trading in the stock was being conducted by an unnamed "foreign source," which had pushed the stock from...