Business: Puzzle Started

SEC lawyers and accountants have been toiling almost three years on a study of investment trusts, to be followed by a report to Congress, recommendations for a regulatory law, doubtless a permanent bureau staffed by SEC lawyers and accountants. One of SEC's aims is to prevent capture of one investment company by another (especially when the capture is financed with the captured company's assets), with disregard of minority stockholder's interests.

Right in SEC's face a month ago, the Continental Securities case exploded; in court April 23 (TIME, May 2), counsel declared Continental's $3,300,000 assets...

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