HIGH FINANCE: Pop Goes the Weasel

On New York's busy over-the-counter market, the stock of the obscure Oreclone Concentrating Corp., holder of a process of treating low-grade iron ores to make them commercially usable, created a sensation. Issued last fall at $3 a share, the stock bounded to $30. But three weeks ago the price plunged from $28 to $2 in eight hours. Last week, after investigating this giddy performance, New York Attorney General Louis J. Lefkowitz charged that "professional racketeers, promoters and boiler-room operators" had bilked investors of $4,000,000. Only this time, said Lefkowitz, the public had...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!