Next week the Securities Act of 1933 celebrates its first year on the Federal statute books.* Last week Congress made its first serious move to soften the provisions of a law which has been more hotly debated and disputed by the financial community than any other New Deal measure. But a full year's loud talk has left unanswered the old question: Did the Securities Act dry up the capital market or would new investments by the public have been just as scanty regardless of the law? Most notable fact about the Securities Act's first...
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