The rate of interest acts as a link between income-value and capital-value.

The U. S. is headed toward a period of business depression... beginning within the next two years, which may exceed that which preceded the War. ... The only thing that will save us is a new gold policy or the discovery of a new process or additional gold fields. If the fall [of gold production] is not prevented by design or accident we shall throttle business, wringing out all profits and experiencing all the evils of deflation.

There may be a recession in stock prices, but not anything in the nature of a crash.

The real scientific study of the distribution of wealth has, we must confess, scarcely begun. The conventional academic study of the so-called theory of distribution into rent, interest, wages, and profits is only remotely related to the subject. This subject, the causes and cures for the actual distribution of capital and income among real persons, is one of the many now in need of our best efforts as scientific students of society.

For the immediate future, at least, the outlook (stocks) is bright.

FISHER SEES STOCKS PERMANENTLY HIGH

The end of the decline of the Stock Market will probably not be long, only a few more days at most.