THE ECONOMY: First Disillusion

For the sixth successive week stock prices in New York fell—to 22% below the highs of last May. Businessmen could no longer ignore the warning of this barometer. There was stormy weather ahead. How severe they thought it would be depended a good deal on their distance from New York.

A Chicago retailer exclaimed: "New York gets discouraged by a seven-point drop in the stockmarket but by the time the flash gets here, we're only two points discouraged. Five points get lost in the Illinois corn."

By the time the stockmarket slump reached...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!