Time Clock, may 28, 1956

PENNY STOCK ISSUES would be more tightly controlled by SEC under new rules proposed to Congress. Instead of merely making sellers of small (under $300,000) stock issues liable to civil suit by investors, SEC would make everyone (including company officers and technical experts) connected with such an issue liable to suit "in cases approaching fraud," thus force fullest disclosures about real prospects of company being formed.

CRUDE-OIL IMPORTS must be cut, warns ODM. With industry planning imports of 352,000 bbls. daily v. 287,000 maximum advised by Government, ODM has notified industry of its "real concern" about effects on domestic production, hints it...

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