Cash on the Barrelhead

The Federal Reserve Board last week fired another shot to bring down the highflying stock market. It raised margin requirements to 100%, virtually put all stock buying on a cash basis. Twice in the last year, the board has popped away. Last February it upped requirements to 50%, in July to 75%. The bull market went right on. No one expected this pop would stop it. Reason: most stock buying has been on a cash basis for some time.

In the two days of grace before the new rules became effective, the market...

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