Hard on the heels of an unprecedented break in wheat came a severe reaction in the stockmarket. With money rates rising slowly, and an evident tendency on the part of Secretary Mellon (who, incidentally, is Chairman of the Federal Reserve Board) to look askance at the large sums of money loaned hy banks on stocks and bonds, such a fall in share prices is not fundamentally surprising. There has been the further factor of evident over production in many basic industries to give pause to undue optimism.
For the last two years,...
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