Word: sec
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Dates: during 1940-1940
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When Hop & crew walked the plank last winter into reorganization, A. G. & E. Corporation (which controls the $1,000,000,000 system's operating properties) and A. G. & E. Company (which used to control CORP.) became charges of New York Federal Judge Vincent Leibell, with SEC looking on. To insure impartiality, Judge Leibell appointed a separate trustee for Co., because its future (apart from its minority interest in some of CORP.'S junior bonds) depends on what it can get out of suing CORP. Objective of the suit: back in 1933, Hoppy had tried to escape...
...interesting light on Wall Street's recent mood was thrown last week by SEC's figures on who bought what: from May 10 to July 27, when the averages were recovering from their Blitzkrieg low of around 110, the Street professionals had their minds on Europe, were on balance sellers of stocks (680,269 shares net). In brilliant contrast for once was the performance of the small fry who trade in odd lots: beginning May 10 they bought 1,153,000 shares more than they sold. Not until August did the pros take over the buying initiative...
...insolvent empire has become the largest reorganization in the history of U. S. business (TIME, March 4). A. G. & E. is simultaneously a ward of the Federal courts, a debtor of the U. S. Treasury (for at least $5,000,000 of unpaid taxes), and a regulatee of SEC, which Hopson's 1935 utility lobby tried to keep out of the utility business by methods so crude that the rest of the industry disowned...
...trusteeship of CORP. Judge Leibell appointed Economist Willard Thorp and Pennsylvania Utility Commissioner Denis Driscoll (TIME, March 11), charged them with administering the system. To the trusteeship of Co. he appointed Trial Lawyer Walter Pollak, competent to sue and retrieve assets. Since SEC had veto power over these appointments, many a utility fan naturally assumed that they were an SEC slate...
Fortnight ago, they learned better. A loud second-class row developed between SEC and Co. Trustee Pollak. Co. is in reality just a set of books, hadn't had an employe for eight years until the Hopson crowd made Washington Lawyer Roger Whiteford its president during the system's last 100 days of freedom-and even he could not collect his salary from an empty till. Biggest joke about the reorganization has been that the trustees have talked and acted like big businessmen, while for months they too were unable to collect their salaries...