A market newsletter from December 1929, written by Emric Öhman J:or, included the following:
"During November, any investor interested in securities has made haste to their daily paper’s back page, to check share prices on the New York Stock Exchange. American securities from Atchinson Topeka & Santa Fe to Kreuger and Toll, Debentures, have now become familiar names to many Swedes who previously had not spared them a thought. Our readers are familiar with their names since our most recent monthly report, when we compared sharply fluctuating prices between October 10 and October 31. Apart from prices on these two days, we now include November 27, the last day of trading of the month and we leave some columns open so our readers can enter these fascinating daily figures from the newspapers.
So far, the picture is far from comforting. We would dearly wish that the crisis in America would evaporate as swiftly as it occurred. But crises never disappear swiftly – apparently, not even American crises. Not even when as now, all possible measures are being employed in an attempt to halt the process. The trough will only be reached when a respectable rate of return emerges, adjusted to the new conditions. At present, the yield is reported at 4½ %. Whether this can be considered sufficient if the speculation recedes is doubtful; this is dependent on factors including the money supply.
At home, we have followed the New York prices fairly slavishly and could read the New York telegrams each morning to predict the opening prices in Stockholm with a fair degree of accuracy. London is almost always a reflection of New York and did little to alter this correlation. The consequence is illustrated in our comparative table of bid prices on September 30, October 30 and November 27. While speculative shares in New York have decreased by between 12 and 14 per cent, Swedish securities have only fallen by 1 ½ and 3 per cent, while Kreuger shares have declined by between 10 and 20 per cent and the other securities listed abroad, such as Separator and Kullager, have declined by between 5 and 8 per cent.
Although we probably are unlikely to escape this dependency on New York, we can utilise the conditions to sell class B shares when they rise abroad, and to buy them back when they fall, which may currently be the case. Although nobody knows when the American stage will clear, no investor need fear buying strong Swedish securities in the current market if he exercises some restraint and is prepared to be satisfied with the yield he knows he will receive, but nevertheless harbours the well-founded hope of an increase."