Investment: When Private News Is Public

Shortly before 10:45 a.m. on April 16, 1964, Thomas S. Lament stepped away from the Manhattan board room of the Texas Gulf Sulphur Co. and phoned an officer of Morgan Guaranty Trust Co., of which Lamont, 66, is retired vice chairman. The Texas Gulf board meeting had broken up, and Director Lamont advised the banker to watch the Dow-Jones ticker for good news about the company. Ever since, Lamont has been troubled by that phone call.

The bank officer, Executive Vice President Longstreet Hinton, interpreted Lament's message as a confirmation of rumors, which...

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