Business & Finance: Downtown

Primping. Three weeks ago the New York Stock Exchange, primping itself for Federal inspection, took the unprecedented step of warning its members that Pierce-Arrow Class A stock, then selling at $3, was out of line with Pierce-Arrow preferred selling at $17 (TIME, Oct. 30). Both were to be converted into new stock, and the preferred was worth 32 times as much as Class A on the exchange basis. Reason for the relatively high price of Class A was that some traders had carelessly sold it short and found difficulty in getting it to deliver,...

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