Business & Finance: Capital v. Credit

A Columbia graduate and onetime medical student made a speech last week and within 48 hours his office had received requests for 40,000 copies thereof.

The speechmaker was Edward Henry Harriman Simmons, who has been President of .the New York Stock Exchange since 1924—longest term in history.*

The speech was defense by attack. Delivered before Chicago brokers and businessmen, it defended the Stock Exchange by attacking the Federal Reserve. Outstanding points:

Loans to Brokers. Since the spring of 1928, the Federal Reserve Board has been to reduce loans to brokers. These were last week...

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