Dealing with the subject of investments, the National Park Bank of New York says:
The bond market to-day is largely in the hands of small investors, for the reason that millionaire buyers, or the wealthy classes, have been forced to invest their surplus income in tax exempt securities, owing to the exactions of the federal income tax law. The with. drawal of these investors from the bond market has been unquestionably an important influence in advancing interest rates, since the shifting from taxable securities to tax exempt issues by persons in receipt of incomes of $50,000 or more, has added to the supply of
Text read from the printed page and cleaned; old type leaves the occasional error.