Market Place Information Disclosure Library
My interpretation of these events is that the statement by Snowden, Chancellor of the Exchequer, indicating the presence of a speculative orgy in America is likely to have triggered the October three break. Public utility stocks had been driven up by an explosion of investment trust formation and investing. The trusts, to a significant extent, purchased stock on margin with funds loaned not by banks but by “others.” These funds have been extremely sensitive to any marketplace weakness. Public utility regulation was becoming reviewed by the Federal Trade Commission, New York City, New York State, and Massachusetts, and these reviews...