Business: Hot Money

On President Roosevelt's mind last week was the Roosevelt Bull Market, now running into its 19th month. To the White House he summoned the two men the New Deal has charged with responsibility for the stockmarket's behavior, Chairman Marriner Stoddard Eccles of the Federal Reserve Board, which controls margins and credit, and Chairman James McCauley Landis of the Securities & Exchange Commission, which has the police powers. On leaving the White House, Chairman Landis said nothing. Chairman Eccles reiterated the well-known fact that the long rise has been largely a cash affair—a pronouncement which in another...

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