BOMBSHELL FOR WALL STREET.
WASHINGTON, 7th February
' While -the New York Stock Exchange made the unexpected announcement. that there will be no - trading, this coming Saturday, which action is attributed to the Federal Reserve warning concerning speculative loans, Treasury officials indicated to-day that no immediate action of a positive character would be taken by the Federal Reserve Board unless forthcoming developments .warranted it. They further expressed the hope that there would be a gradual decline in speculative activity in the stock market. It is felt. that these indications' are given 'in an effort to check too rapid deflation. ■ ;
Representative M'Fadden, chairman of the 1 House of Representatives Committee on Banking and Currency, attacked the Federal Reserve action. There is also some talk of an investigation into an alleged premature disclosure of the board's statement of which certain speculators took advantage. It is also interesting to note ■ that officials here knew in advance of* Britain's intention to j raise the rediscount rate.
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Evening Post, Volume CVII, Issue 32, 9 February 1929, Page 12
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161BOMBSHELL FOR WALL STREET. Evening Post, Volume CVII, Issue 32, 9 February 1929, Page 12
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