Business & Finance: Frank Exchange

In the course of his investigations of U. S. security markets, Ferdinand Pecora, counsel for the Senate Banking & Currency Committee, last week found one for which he could say a good word. It was the San Francisco Mining Exchange, second only to the New York Stock Exchange in age. On the strength of a statement from its president, Charles E. Hudson, Inquisitor Pecora publicly acclaimed it "a very frank stock exchange." Excerpts from the Hudson statement read to the committee:

"Our exchange may be termed a white chip trading rendezvous for stocks....

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