Business & Finance: Law at Last

It took the House 20 minutes to pass the conference report on the Securities Exchange Bill of 1934 last week. The Senate followed suit almost as quickly. When President Roosevelt returned from his New York weekend, the product of a quarter century of liberal agitation and four months of bitter legislative wrangling lay on his desk for signature.

Wall Street scarcely noted the bill's passage. On the New York Stock Exchange stocks were slipping to new lows for the year. Trading volume dwindled to the slowest pace in eleven years. With regulation a...

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