Business: Act Out of Action

Fortnight ago the Federal Trade Commission told the Press that for the first lime it had invoked the Securities Act against a company which had already sold a bond issue. The company: Laclede Gas Light Co. The cause: failure to report in its bond registration that rate suits were pending against the company (TIME, Jan. 15). Last week the Federal Trade Commission backtracked when it discovered that it had made a mistake, that the bonds in question had not been sold. Laclede Gas, like many another company, was allowed to withdraw a...

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