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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (June 6, 1963)
Ilium., June 6, 1963 Pag 12-A Herald Ntwi Klamath Palls SEC Asked To Study Practices STOCKROOMS ARE BULGING ... SO PRICES ARE SLASHED TO MOVE OUT THE MERCHANDISE BEFORE INVENTORY WASHINGTON (UPD - The Securities & Exchange Commis sion (SEC) asked Congress today to arm it with "vitally needed powers to crack down on fraudu lent practices in the sale of securities. The request grew out of the agency's recent stock market study, the most intensive since the investigation which tollowed the 1929 crash. Among other things, the SEC proposed tighter control and more rigid policing of securities not listed with any major siock exchanges. These firms also would be required to disclose fi nancial information and would be subject to other regulations now applicable only to exchange mem bers. Under anotlier recommendation. Investors would be protected from beinu caught unawares by sudden changes in distribution plans for new stocks. Conslrucilre, Vitally Needed SEC Chairman William L. Cary. in a letter accompanying tlie legislative package, said the recommendations stressed those measures which both the com mission and the securities indus try regard as constructive and vitally needed. He said they would "materially increase existing Investor protec tion, and thus will maintain and enhance investor confidence." Cary said he did not know whether the securities industry "as a whole will support our pro posals." But he said they had the endorsement of leaders of major securities organizations. He said that requiring over-the-counter firms to disclose fi nancial information "will greatly mitigate numerous problems and abuses, including improper sell ing practices, misleading public relations, irresponsible invest ment advice and erratic 'after; markets' for new Issues." Makes Other Recommendations The SEC made these other rec ommendations aimed at closer regulation of unlisted stocks: Provisions In the exchange1 act Intended to prevent company "insiders" from using their posi tions fur speculative purposes' would bo exlended to the over ' the market companies. Persons in llio securities husi nes who are members of Uie boards of directors of unlisted firms would be required to file reports with the SEC covering. their activities. The SEC would he allowed to suspend summarily over-the-counter trading in any security for a 10-day period. It now has this power over listed securities. The SEC said present laws do not provide an adequate basis for establishing reasonable con trols over the qualifications of those who seek to enter the se curities business." It recommended legislation which would require all brokers or dealers registered with the commission to become members uf a Registered Securities Asso ciation. Brownlee Dam Fish Facility Said Failure PORTLAND (UPll-A Federal Power Commission hearing on the problem of getting fish by dams on the Snake River was in its second day today with indications It would last the rest of the week R, P. Parry, attorney for Idaho Power Co., said at the opening session that a complicated facilit) to get small fish below Brownlee Dam had proved failure. He suggested a hatchery and incuba tion program downstream from the lowest dam in the river can yon as the best way to preserve salmon runs. Dean F. Raltmnn, a Depart ment of Interior solicitor, said It was the department's position that Idaho Power should continue to provide pasge of migratory fish past its dams. Parry's statement was support cd by two Boise men, fish biol ogist WendaU Smith and engineer Donald E. Barclay. Smith said 130.Im9 downstream migrating fingerling salmon were collected by a net barrier at Brownlee in 1939 but only 13.675 were collected last year. 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