Trouble for Andy Again

Shipbuilder Andrew Jackson Higgins Sr. had hoped to let the public in on what he considered a good thing; he wanted to sell it $9,900,000 in stock in his new company. Last week, the Securities & Exchange Commission tripped up fast-moving Mr. Higgins. SEC found that Manhattan's Van Alstyne Noel & Co. (TIME, Feb. 18), which was to get $90,000 for handling 100,000 shares of the issue, had sold stock before the registration statement had been approved by SEC. Actually, said SEC, stock was sold before the statement was even filed.

For this, SEC suspended Van Alstyne Noel for ten...

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