Word: galbraithe
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Immediately after the testimony of John K. Galbraith, professor of Economics, to the Senate Finance and banking Committee yesterday the stock marker broke sharply and almost three billion dollars Ws lost on the market value of the stocks listed on the New York Exchange...
Though a number of brokers felt Galbraith's remarks caused the decline, Committee Chairman William J. Fulbright, Senator from Arkansas, said the drop "has no connection whatever with the study being made by this committee...
...Galbraith claimed that increased stability and regulation of the stock market since 1929 have no insured it against another crash. He cited the increasing number of newcomers on the market and the growth of margin buying, reported last night by the New York Federal reserve Bank, as danger signals, which could indicate another boom and crash cycle...
...Galbraith is the only professor on the lit of 20 witnesses issued yesterday by Committee chairman Sen. J. William Fulbright (D-Ark.). Almost all others named are professionally connected with the stock market...
Author of "The Crash," a study of the 1920 market collapse, Galbraith said that his testimony would probably concern the similarities between market conditions...