Wall Street: Taking Stock

It was the most sweeping investigation of the stock market in 25 years, and Wall Street was plainly apprehensive. Despite all the evidence of better business condi tions, the market had been stalled for nine weeks (though at a comfortably high level), and many put down its sluggishness to fear of a tough report from the Securities and Exchange Commission. Last week, as the first third of the highly secret document came out in five volumes and 1,600 pages, weighing 12 pounds, Wall Street's professionals were relieved by its surface mildness.

Said SEC Chairman William L. Cary: "It is not...

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