WALL STREET: Sweet to Sour

Early one evening last week, President Edward T. McCormick of the American Stock Exchange got a phone call from SEChairman Sinclair Armstrong in Washington : "Ted, I'm sending you a telegram to the effect that we are suspending trading in Great Sweet Grass Oils pursuant to section 19 (a) (4), and we are also suspending over-the-counter trading under section 15, rule X-15C2-2." Translated, this meant that in "the public interest," and to forestall "fraudulent, deceptive or manipulative acts or practices," Sweet Grass was suspended from trading for ten days. (Toronto continued to trade the stock.) SEC scheduled a hearing to...

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