Business: SEC's Next Round

As its latest bomb in its recent attack on the New York stock exchange, the Securities & Exchange Commission last week released its annual report to Congress, declaring that national exchanges have not yet demonstrated their capacity "to police their markets effectively against manipulative and deceptive practices." Hardly was this news on the streets when—giving a convenient plausibility to its assertion— SEC brought formal charges of manipulation in the stock of Auburn Automobile Co. against two partners of the important brokerage house of E. F. Hutton & Co. and a floor trader on...

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