Well into its second year is SEC's investment trust investigation, the specimen under the microscope last week being Harrison Williams' Central States Electric Corp. (see below). SEC's findings to date have not been precisely flattering to investment trust management—which was not surprising in view of the fact that the investigation's prime purpose was to find out why investors lost upwards of $5,000,000,000 in investment trust securities during Depression. But in 1936 the trust managers demonstrated that they had learned a lot since they took off with ceiling zero in the late 19205. Not only did they mount the witness stand in...
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