Business & Finance: First Thunder

Last year Congress granted the Securities & Exchange Commission the power to hurl thunderbolts into almost any corporation it saw fit. Instead of exercising such an Olympian prerogative, as U. S. Business fearfully predicted, SEC has proved to be a tolerant and forbearing body. Last week for the first time SEC thundered in august wrath. Object: Baldwin Locomotive Works.

One morning last October an issue of 6% Baldwin bonds was selling on the New York Curb Exchange at a premium of 11¢ on the dollar. Without warning, the Baldwin directors suddenly announced that interest...

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