The pricing of new stock issues, long a headache to underwriters, became a matter of Government concern last week. Specific object of Government curiosity: the bizarre price fluctuations of new issues. Examples: Publicker Industries, issued at 23, hopped to 30 by 3 o'clock the same day. Alexander Smith & Sons Carpet Co., issued at 31, closed at 39.
An interested spectator of these, and 14 similar transactions, was the Securities & Exchange Commission's chief watchdog, James Aloysius Treanor Jr., a husky, hardworking lawyer who caught the eye of SEC by the way...
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