Wall Street: Curbing the Curb

For Wall Street it was a week of excitement—and irony. Just as the Dow-Jones industrial average burst through the magic 700 mark (only a decade ago, the average stood at 250), the 1961 bull and its keepers came under the most embarrassing scrutiny the U.S. stock market has faced in more than 20 years.

Some of the scrutinizing was being done by the keepers themselves. For the second time in two months, New York Stock Exchange President Keith Funston warned against "unwise speculation" in low-priced shares and new issues—speculation partly fueled by the highest level of market loans ($5.2 billion)...

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