Understanding the Securities Act and the S.E.C.

accounting Act Rule amendment amount assets August 28 balance sheet become effective blue sky laws bonds Brooklyn-Manhattan Transit Corporation cash cent certificates certificates of deposit Class Commission's Committee common stock contract Corporation court dealers directors disclosed disclosure distribution dividends effective date Exchange Commission exemption Federal Federal Securities Act Federal Trade Commission Felix Frankfurter filed financial statements funds interest interstate commerce investment investors issuance issuer letter of deficiencies liability mails Matter ment Mining offering price officers omission opinion paid payment period person preferred stock prior profit promoters proposed prospectus public offering purchase purpose pursuant reason registrant's registration statement regulations sale of securities Section 11 Section 3(a Securities Act Release Securities and Exchange Securities Exchange Act security holders security issued seller selling Seventy-third Congress shares sold stockholders stop order Supp thereof tion transactions trust underwriter untrue statement