Ever since the Securities Act was passed last spring Wall Street has been gloomily predicting that a new issue of stock or bonds of a major corporation would be followed by a shower of resignations from officers and directors who would refuse to assume the liabilities imposed by that law. Though some $300,000,000 of new brewing, distilling, investment trust, mining and a few industrial issues have been registered with the Federal Trade Commission, no old-line company, up to last fortnight, had stepped into the stagnant market for long-term capital. First to do so...
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