Business: Again, Jones

A long and unfinished chapter in the annals of the New Deal has been written around the character of J. Edward Jones, a Manhattan oil royalty dealer whom the Securities & Exchange Commission has been assiduously trying to put out of business for more than a year. Last month Oil Royalist Jones won from the Supreme Court a legal victory and sweet revenge in the form of a verbal thrashing administered by Justice Sutherland to the SEC and all other New Deal agencies whose zeal might be exceeding their authority (TIME, April 13).

Oil Royalist Jones's revenge was exceedingly short. Day after...

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