Business & Finance: Liability at Large

In Washington, before 9:00 a. m. one day last week, Henry B. Sawyer, member of the advisory board of Massachusetts Investors Trust, and Trustee Merrill Griswold entered the sweltering, ramshackle, stucco-and-tar-paper building of the Federal Trade Commission. They trudged upstairs and settled down to wait before a certain door in the second-floor hall. When the door opened they marched in and delivered three bundles of documents, each describing $5,000,000 worth of securities which their company wished to issue.

Hard on their heels came Huston Thompson, onetime member of the Federal Trade Commission, bearing...

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