WALL STREET: The Lukens Puzzle

Lukens Steel Co. is a 147-year-old company, largely family-owned, that never caused much stir outside Coatesville, Pa. (pop. 15,000), where its plant is the mainstay of the community. But in recent months in Wall Street, Lukens Steel has become not only a well-known but a very puzzling company. Twice in the last fortnight the New York Stock Exchange has had to suspend trading in Lukens stockĀ—first because of a rush to sell, later because of a scramble to buy. Last week the Stock Exchange and the Securities and Exchange Commission stepped in...

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