Dunce Cap

In quarter-page ads in Manhattan newspapers, the New York Stock Exchange last week pictured a sad-faced businessman wearing a dunce cap. He told a sad story: "I tried to get rich quick. In my own business I base my judgment only on facts. . . . Tips, rumors and hunches are out. I don't know why I thought the stockmarket would be different."

The Exchange's new campaign to keep lambs from being shorn got unexpectedly efficient cooperation from the market itself. The day the ads appeared, stock prices fell 5½ points, the sharpest...

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