In the five-story-high trading room of the New York Stock Exchange, activity ceased one morning last week as Exchange Chairman Edward C. Werle stepped onto the balcony, sounded a bell, pounded his gavel and read a statement. In an action rarely taken, the exchange censured and fined the partners of Garvin, Bantel & Co. $25,000, suspended Senior Partner George K. Garvin from trading for three months.

What the exchange attempted to pin on Garvin, Bantel was some of the responsibility for the debacle in Government bonds this summer (TIME, Aug. 18).


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