Vote of Confidence

As the stockmarket has drifted lower & lower, Wall Streeters have hoped that margin requirements would be relaxed. But last week, in the annual report of the Federal Reserve Bank of New York, President Allan Sproul came out against lowering present 75% stock margins (75% of the purchase price must be cash).

Wall Streeters, who regard Sproul as one of them, were dismayed to find him backing up FRB Chairman Marriner S. Eccles, whose high-margin policy is cordially hated.

In high dudgeon, New York Stock Exchange President Emil Schram cried: "I am astonished,...

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