How Much Is Too High?

Is it sinful for stock prices to rise for four consecutive years? Last week Emil Schram, once chairman of the Reconstruction Finance Corp., now president of the New York Stock Ex change, took a fall out of those beaters of anti-inflation drums (such as Marriner Stoddard Eccles) who want to balk rising stock prices by increasing the present 25% capital gains tax. He told the Bond Club of Philadelphia that:

¶ Increasing the capital gains tax would push prices up further. Higher taxes would not abate the eagerness of those who, for inflationary or other reasons, want to buy stock,...

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