Stock market prices broke last week. It was expected. Many causes can be adduced. But the chief is the fact that speculators had abandoned thought of the relation of security prices to the earnings of underlying business ventures.
It is inaccurate to say that any one security issue started the break last week. But if one is to be set up as a black example it is the Bank of Italy. On the San Francisco and Los Angeles exchanges Bank of Italy stock broke 160 pointsfrom 284½ to 125. Related issues acted likewise. Bancitaly dropped 86 points195 to 109; Bank of America...
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