National Affairs: Wall Street in Washington

After dark Wall Street tiptoed down Pennsylvania Avenue, turned softly in at the White House, stayed for dinner. Afterwards in the quiet security of an upstairs study President Hoover heard Richard Whitney, president of the New York Stock Exchange, and Allen Ledyard Lindley, its vice president, talk about the stockmarket, bear raids, short sales. President Hoover was vitally interested because the recent fall of stocks below the lows of last November's crash focused the business depression in all its gloom before a nationwide electorate on its way to the polls.

Not until 48 hours after Messrs Whitney and Lindley had bid...

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