Word: sec
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Dates: during 1940-1940
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...long war between U. S. business and the New Deal, one of the wordiest sectors has been in the neighborhood of SEC. Last month, in the truceful atmosphere engendered by Rearmament, this sector began to grow quiet. Last week, on one of Wall Street's sorest salients, there was Peace...
Month ago, Connely and SEC Chairman Jerome Frank agreed to work out amendments to the Securities Acts together, submit joint proposals to Congress by January. Three weeks ago Frank abruptly offered to go further: Why not get the 20-day clause repealed right away? Surprised I. B. A. agreed. Last week they went to work on the details of an amendment. Probable change to be proposed to Congress: instead of waiting 20 days. SEC would release securities for sale as soon as it had checked the registrations. This should seldom take more than a week...
...administering the Public Utility Act of 1935, SEC has been fairly consistent on one score: its power over capital structures (Section 10 of the Act) has been used to keep down utilities' debt, prevent them from over-bonding themselves in railroad fashion. But another major SEC objective is the integration of utility systems-breaking down scattered systems into their regional components under the "death sentence" (Section 11). Last week SEC settled a case which brought its Section 10 principles into collision with its Section 11 goal. Main casualty: New Deal Commissioner Edward Clayton Eicher, who was jolted into delivering...
Last week SEC sanctioned the deal. But SEC also pointed out that under an ordinary holding company case it would be unable to approve the substitution of senior debt for preferred stock. Reasons given for making an exception of Ogden: 1) Ogden admittedly exists for the purpose of liquidation; the new bank loan is therefore not long-term debt but a convenience yielding economies; 2) the proposed loan will be covered over three times by collateral of $14,914,024. Reason not given: Odium, whose liquidation of U. P. & L. is carrying out the intent of Section 11, deserves SEC...
...justification for its policy." Eicher's dissent overlooked the fact that Atlas sits on both sides of the table in Ogden Corp.; that, from a practical standpoint, the deal is largely bookkeeping. But he was cleaving to an abstract principle-the evils of debt-that the rest of SEC has trumpeted in the past, will doubtless trumpet again in other, less peculiar cases in the future...