SECURITIES: Match in Louisville

A financial wrestling match which may determine many a security dealer's future went on in Louisville last week. The contestants: the $84,000,000 Louisville Gas & Electric Co. v. the city's 14 registered security dealers.

The match began three weeks ago when SEC shocked Louisville dealers by permitting the utility to peddle its own common stock—an issue of 150,000 shares. Dealers got another setback when SEC overrode their objections to the offering price, called $23.50 a share "reasonable." Although they would have made the same commission, dealers thought $22 was enough.

Piping mad, the dealers pulled what looked like a sit-down...

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