Word: sechairman
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...beneficial (i.e., actual) stockholders to be identified before voting in any U.S. proxy fight. But if Senator Capehart thought he was doing the SEC a favor, he got a rude surprise. Last week, at the Senate Banking subcommittee hearings on the use of foreign banks in U.S. proxy fights, SEChairman Armstrong flatly opposed the measure. Present SEC laws permit stock owners of record, such as banks or brokers, to vote stock in proxy battles, and they require disclosure of beneficial ownership only by those directly involved in the fight or owning more than 10% of the stock. Armstrong said that...
Early one evening last week, President Edward T. McCormick of the American Stock Exchange got a phone call from SEChairman Sinclair Armstrong in Washington : "Ted, I'm sending you a telegram to the effect that we are suspending trading in Great Sweet Grass Oils pursuant to section 19 (a) (4), and we are also suspending over-the-counter trading under section 15, rule X-15C2-2." Translated, this meant that in "the public interest," and to forestall "fraudulent, deceptive or manipulative acts or practices," Sweet Grass was suspended from trading for ten days. (Toronto continued to trade the stock...
...SEChairman Armstrong himself estimates that one-third of all small issues are "questionable" at best. Yet under current SEC practice, offerings of less than $300,000 are exempt from the full disclosure requirements of standard company issues. Furthermore, unlike the larger companies whose officers are liable under civil law for misstatements of fact, issuers of exempt securities are not held accountable except under federal fraud statutes...
PROXY FIGHT RULES will be tightened if the Securities and Exchange Commission can persuade Congress to give it a stronger hand as referee. SEChairman J. Sinclair Armstrong will ask for authority to require all proxy solicitors to 1) identify themselves and their backers, 2) refrain from making character attacks on opponents or predictions about earnings and dividends. SEC also wants more power to censor proxy letters, newspaper ads, press handouts, etc., before release...
...second time Bill Martin had moved in to cut a knot too tangled for older fingers to unravel. In 1937, when William O. Douglas, then SEChairman, was denouncing the New York Stock Exchange as a "private club" with little concern for the public interest, the exchange's governors turned to Martin, an exchange member, to help set things right. Martin helped draft the plan which completely reorganized the exchange in 1938, and became, at 31, the exchange's first paid president. In 1941 he entered the Army as a private, rose to colonel. After the war, President Truman...