Shot in the Arm

The war against inflation was officially declared won last week. Said Marriner Eccles, cautious chairman of the Federal Reserve Board: "Inflation has largely run its course. Shortages in many important lines have been met and in many other line? are rapidly being overcome." Now it was time to wage the war on deflation.

The Board shot off the first round by lifting the ban on margin trading on the stock exchange. Instead of requiring stock buyers to pay cash in full for stocks, they will soon be permitted to buy stocks on 25% margin—i.e., pay 75% cash, borrow the rest...

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