Business: Current Situation: Dec. 14, 1925

Whether justly or not, business psychology is deeply bound up with the stock market. A rise in shares inspires confidence among producers and distributors, while a fall spreads distrust of business expansion.

When the Reserve system poured cold water on the stock market, the result was quickly observable in the diminished cheerfulness in general business. Perhaps it was the realization of this which induced Mr. Mellon to issue a quite "bullish" interview, with especially favorable comment upon the extent to which shares have recently risen. At any rate, just as the stock...

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