In turn securities flotations, stock exchanges, utility holding companies, corporate reorganizations, trust indentures have been subjected to regulation by the Securities & Exchange Commission. Last week the turn of investment trusts grew measurably close. Into the hoppers in the Capitol were popped drafts of the bill for their proposed regulation.

A twelve-volume, 6,000-page bookshelf comprises all the knowledge that SEC has been able to gather about investment trusts in four years of study. It was assembled and mentally digested by Republican SECommissioner Robert E. Healy—onetime muckraker for the Federal Trade Commission—with...

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