SPECULATION: Wall Street Can Help Curb Its Excesses

THE New York Stock Exchange spends more than $1,000,000 a year educating the U.S. public on the benefits of stock ownership. But last week the exchange was worried about all the new stockholders it has signed up and the kind of stocks they buy. The exchange increased its advertising budget 25% for a campaign to warn stockholders against tips and rumors, advised: "Hold your money tight when anyone gives you 'the inside dope.' " Merrill Lynch, Pierce, Fenner & Smith, the U.S.'s biggest brokerage house, began to run ads in 210 newspapers...

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