Wall Street: Gamblers' Market

In a letter to the American Stock Exchange's 573 members, President Ralph Saul last week bluntly warned that "market conditions indicate a serious level of speculative activity." Calling for "firm sales policies and procedures" to spare the public from hazardous stock purchases, he lectured: "Expectations of quick riches based on hunch or rumor provide an unsound reason for investment decisions." The reason for Saul's concern was a surge of trading at the exchange that pushed both prices and volume to alarming heights.

Many brokers share Saul's alarm. "The high jinks on the...

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