MARKETS: Rather Horrifying

Within 30 minutes after the New York Stock Exchange announced Richard Whitney & Co.'s insolvency last March 8 the SEC started an investigation. Last week SEC issued a three-volume report of the findings. As absorbing as a detective story, as revealing as an autobiography, the 1,619 pages contain several heretofore undisclosed facts:

> Immediately responsible for Richard Whitney's downfall was a seemingly innocuous rumor—that his company was engaged in "distress selling" of Greyhound stock. Investigation proved the rumor apocryphal but proved the firm insolvent.

> For at least three and a half...

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