Business & Finance: Backwater

Before Depression the volume of new capital that poured into industry was a torrent. Then it dwindled to a trickle. The figures on the prolonged drought in new financing:

1929 $8,639,000,000

1932 325,000,000

1933 161,000,000

1934 178,000,000

1935 403,000,000

1936 1,217,000,000

1937 (8 mos.). . . 918,000,000

Why the trickle has not yet returned to a torrent is explained in part by the kind of backwater which last week became apparent in Wall Street.

Underwriters now are strictly regulated by the Securities & Exchange Commission. To the public this may have meant, as recently claimed by onetime...

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