In the long war between U. S. business and the New Deal, one of the wordiest sectors has been in the neighborhood of SEC. Last month, in the truceful atmosphere engendered by Rearmament, this sector began to grow quiet. Last week, on one of Wall Street's sorest salients, there was Peace.
Salient: the 20-day cooling period that must by law elapse between the registration and sale of any new security. During the 20 days, underwriters and dealers chew their nails, hark nervously for stop orders, sometimes watch a good market turn into a bad one (leaving them holding the bag). When...
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