In Chicago last week a Federal grand jury indicted the publisher of one of the half-dozen biggest U.S. magazine-publishing companies for rigging the market in his company's shares. The charge was conspiracy to violate the Securities & Exchange Act by artificially raising the price of the stock since May 1938. The publisher was smart David Smart of Esquire-Coronet, Inc.—indicted along with his secretary-treasurer-brother Alfred and ten others. They promptly denied any wrongdoing, but the indictment climaxed one of the most extraordinary publishing sagas of the 1930s.
Ten years ago Dave Smart, onetime stenographer...
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