Business: Commonly Abusing

Commodore William A. W. Stewart of the New York Yacht Club last week made the following dry announcement: "Mr. DeCoursey Fales has been appointed treasurer of the club to fill the vacancy."

As everybody knew, the vacancy was left by Richard Whitney, onetime president of the New York Stock Exchange, who was caught last fortnight stealing his customers' securities (TIME, March 21). Other sequels to the Whitney scandal last week included: 1) his expulsion forever from the Stock Exchange; 2) suspension for three years of his floor partners, Edwin D. Morgan Jr. and...