At the end of August, U. S. recovery seemed in full marching order. The stockmarket, after a healthy reaction from the whopping June and July rise, appeared on the verge of breaking into new high ground. Factory employment gained 4.9% (1.5% is the normal August increase). And commercial loans, having sagged all through Depression II, completed in New York City three weeks of solid rise. Since then, however, European militarism has gradually got into full marching order. By last week, instead of marching, U. S. business was generally marking time, with...

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