Broker Barred: The Securities and Exchange Commission...

Broker Barred: The Securities and Exchange Commission has barred a Cincinnati stockbroker from the securities business but said he could be reinstated if he gets a clean bill of health from a psychiatrist. The broker, P. David Herrlinger, caused an uproar on Wall Street in 1987 when he called Dow Jones News Service and announced a bogus $6.8-billion offer to buy Minneapolis-based Dayton Hudson Corp., one of the nation’s biggest retailers. Speculators responding to the Dow Jones report of the purported $70-a-share bid sent the price of Dayton Hudson stock soaring by as much as $9 a share in heavy trading. The price later tumbled after Herrlinger’s attorney reported the offer was a hoax.