Business: Arrest & Development

Whoever succeeds James McCauley Landis as chairman of the Securities & Exchange Commission this fall will inherit not only old problems but a portfolio chock-full of new and zestful business. Milestones in the Commission's career last week were: 1) the first arrest brought about by SEC lawyers, and 2) the first application for reorganization filed with SEC under the Public Utility Holding Company Act of 1935.

Arrest. For several weeks SEC has been investigating the sale of some 273,000 shares of stock registered last year by Trenton Valley Distillers Corp., a sizable...

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