A month ago, liquidation in the grain and security markets became pronounced, after an optimistic winter of steadily advancing prices. The question arose as to the real significance of the March setback in the speculative markets. Some held it to be the "peak" of a major business cycle. Others considered it merely a temporary readjustment of speculative dreams to hard realities, and thus a movement of secondary importance.
It is still too early to interpret the recent break in prices with entire accuracy. Yet, in last week's developments, the party of the second...
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