WALL STREET: Old Trick, New Warning

In the booming '20s, one of the financial shenanigans which helped boost stocks to their shaky 1929 highs was stock splits. For example, a corporation whose stock had been pushed up to $100 might split it by exchanging one share for ten, selling at $10 each. Thus, small-fry speculators were lured in, and the price could be run up again far beyond the stock's true value.

The current big bull market has made the time again ripe for stock-splitting. So many corporations have done so, or plan to, that Emil Schram, the Stock Exchange's cautious, conservative...

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