Business: Point Pierced

Measured by the Dow-Jones industrial stock averages, the low point of the Depression was July 8, 1932. On that day the famed stockmarket index sank below 42, lowest level since 1897. After a deal of marching and countermarching in the last days of Herbert Hoover, the stock-market burst upward in the wild inflationary bull market of 1933, and, just before the boom in whiskey shares collapsed that summer, the averages hit 108.

In February 1934, the stockmarket again reached for a record, the averages this time touching no. But in the jargon of...

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