Business: Lawyers' Letters

Few weeks ago the lawyers for Manhattan's banking house of Lehman Brothers wrote a long letter to John J. Burns, general counsel to the Securities & Exchange Commission. They wanted to know, in effect, whether it would be legal for Lehman clients and certain associated bankers to stabilize the market for stock in Flint-kote Co., control of which Lehman bought from Sir Henri Deterding's Royal Dutch-Shell (TIME, March 30). Lehman was distributing stock in this old U. S. roofing and asphalt concern to the public, and the open market price of the...

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