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BRIEFLY

September 17, 1987

The Financial Times of London reported that it has fired two clerks for dealing in shares on the basis of published information that had not yet been distributed to the general public. The paper, Britain's leading business daily, reported that the two young men had gained access to copies of the Investors Chronicle the day before publication of the weekly business magazine and had acted on tips on so-called penny shares--low-price stocks investors buy for their recovery potential. Gillian O'Connor, the editor of Investors Chronicle, noticed that the prices of shares tipped by the magazine were moving in advance of publication and called in London Stock Exchange investigators.

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