GOVERNMENT: An SEC for Politicians

Secretary of the Treasury John W. Snyder should have known better. At the Financial World's, Annual Report Awards Banquet in Manhattan last week, he blithely asked the assembled businessmen for "constructive criticisms."

In his audience was outspoken Robert R. Young, there to receive an "Oscar of industry" for the 1945 report of his Chesapeake & Ohio Railway Co. As Young rose to accept the award, he also accepted Snyder's invitation. When his speech (and the banquet) ended some four minutes later, a red-faced Mr. Snyder got up at once and angrily walked out.

Said Young: "Wall Street, under the Truth in...

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