GOVERNMENT: 25 Years Agrowing

When the New Deal asked Congress to regulate the nation's stock exchanges in 1934, Wall Street and leading industrialists fought the bill with such fervor that Texas Democrat Sam Rayburn called their opposition "the most powerful lobby ever organized against any bill which ever came up in Congress." Last week, as the Securities and Exchange Commission celebrated its 25th anniversary, the SEC was as accepted in Wall Street as the Stock Exchange, got due credit for helping raise the standards of stock trading and corporate financing to the highest in the world. But there were still complaints. They were not...