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:
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...