"When everybody is cautious," runs an old Wall Street adage, "the danger is about over." Last week there were signs that Wall Street investors were beginning to tread softly because of the worrisome speculative fervor of recent weeks. The New York Stock Exchange was so concerned at the rush for low-priced stocks that it asked members to discourage uninformed speculation. Brokers themselves started to boost house margin requirements on lists of volatile stocks. Others took to the newspapers with ads warning small stockholders not to try for quick killings. The effect was like a tonic on a market that had...
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