
Magazine content is available exclusively for TIME subscribers.FISCAL: 1%-0ff
1% Off
On the day last week's stockmarket plunked to the bottom President Hoover let his Secretary of the Treasury, Andrew William Mellon, make an announcement which the President had been saving up as the Big-News-Item for his own first message to Congress next month, an announcement of immediate tax reduction.
Quickly the stockmarket bounded up somewhat from its depths. As if surprised at this reaction, Secretary Mellon feebly protested that his new tax program had not been proclaimed to boost drooping security values. He...
To read the entire article, you must be a TIME subscriber. Already registered? Sign in below
Current print subscribers to register
Subscribe now to get TIME All Access
Email, Password or Region is incorrect
A required form parameter was missing.
The System is currently down. Please try again in a few minutes.
Email Address is invalid
Password is blank
Most Popular »
- Why American Kids Are Brats
- The Voice: Whitney Houston (1963-2012)
- Whitney Houston: A Life in Photos
- North Dakota College Shaken by Fake Degrees
- Whitney Houston, Superstar of Records, Films, Dies at 48
- It's Official: Linsanity Is for Real
- Whitney Houston Remembered at Clive Davis Gala
- Icelanders Avoid Inbreeding Through Online Incest Database
- Kate Middleton's Amazing Fashion Evolution
- 10 Things We (Still) Kinda Hate About The Phantom Menace
- The Upside Of Being An Introvert (And Why Extroverts Are Overrated)
- Friends With Benefits
- Syrian Rebels Plot Their Next Moves: A TIME Exclusive
- N. Dakota College Shaken by False Degrees
- No More Tears
- Eat like an Italian
- Halftime and Hyperbole
- The Street Fighter
- Playing Favorites
- Charms of the Quiet Child
More News from Our Partners
Top Stories on TIME.com
Quotes of the Day »
GEORGE LITTLE, Pentagon press secretary, on the decision to ease the restrictions on women in combat roles; women currently make up nearly 14% of the U.S. armed forces
