INVESTMENT: Horses v. Stocks

Whether a stock market professional is a bull or bear, there is one sure way to get his goat: imply that investing is comparable to gambling. Howard J. Samuels, who is setting up a string of legal horse-race wagering parlors for New York City, did just that last week. He disclosed that his Offtrack Betting Corp. planned to run ads headlined: IF YOU'RE IN THE STOCK MARKET, YOU MIGHT FIND THIS A BETTER BET.

The reaction was predictable. New York Stock Exchange Chairman Bernard J. Lasker stuffily protested, "on behalf of more than...

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