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.
An observer at the hearing was
Howard Morgan, Federal Power
Commission member from Ore
gon, whose resignation from the
FPL becomes effective this
month.
Examiner Allen C. Land said
hearing would continue the
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