WALL STREET: Taboo on Tips

Stockbrokers were sternly warned last week against rumormongering. The warning came from Emil Schram, NewYork Stock Exchange's president, who fears that a speculative boom in low-priced securities might: 1) collapse and rob a lot of small investors of their savings; 2) bring demands for even more stringent Government control of the Exchange.

President Schram's warning closed the barn door a little late: rumors had already touched off a buying spree in low-priced auto shares. Through the grapevine from Detroit poured an endless cackle of tips and gossip as the auto industry jockeyed for postwar position. Biggest whoppers from...

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