Tucked away in the Public Utility Act of 1935, lacking even the dignity of a separate paragraph, was a Congressional command to the Securities & Exchange Commission to investigate investment trusts. In the twilight of the 1920's, some $7,000,000,000 worth of investment trusts were floated, according to SEC figures. Their total assets were worth about $2,000,000,000 by the end of last year. It became SEC's job to find out where, how and why the rest disappeared. Last week after over a year of preliminary field work by a staff of 70 experts,...
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