Business: Royalist Victory

Last week the U. S. Supreme Court handed down its first decision on the Securities Act of 1934. The case originated last year after J. Edward Jones, dealer in oil royalties, filed a registration statement with the Securities & Exchange Commission. Summoned to explain his facts & figures, Royalist Jones suddenly changed his mind, tried to withdraw the statement. This SEC forbade him to do (TIME, July 1).

Proclaiming his inalienable right to withdraw his registration so long as it had not become effective, Oil Royalist Jones finally found support for his...

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