Immediate business reaction to the death of AAA this week was confusion (see p. 12). Food and tobacco stocks went up with the outlawing of processing taxes and prospective refunds of impounded levies. Since the Supreme Court's decision strengthened the case against the Public Utility Act, power stocks also rose sharply. Shares in farm machinery and mail order companies declined. Cotton spurted, then sagged. Wheat did the same. Sugar broke badly. But allowing for innumerable and inevitable readjustments, the average U. S. businessman hailed the AAA decision as even better news...
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