During 1923, undoubtedly huge foreign funds sought investment in the U. S. because of European capitalists' distrust of governmental and financial stability on their own continent. The effect of this shifting of funds from Berlin, Paris and even London to New York has at various times, whether correctly or not, been pointed out in the press. All sorts of price movements and trade conditions have been mysteriously explained as due to foreign buying. Undoubtedly the American bond market and American construction and realty enterprises have absorbed foreign funds—how much no one really knows....
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