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On the day last week's stockmarket plunked to the bottom President Hoover let his Secretary of the Treasury, Andrew William Mellon, make an announcement which the President had been saving up as the Big-News-Item for his own first message to Congress next month, an announcement of immediate tax reduction.

Quickly the stockmarket bounded up somewhat from its depths. As if surprised at this reaction, Secretary Mellon feebly protested that his new tax program had not been proclaimed to boost drooping security values. He...

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