STATE OF BUSINESS: Moth Hole?

Manhattan kids last week had their first chance to go coasting since Thanksgiving. In its puckish fashion the stock-market also went tobogganing. Somewhat to the confusion of Wall Street, which was generally bullish, prices continued a slide that began with the new year. The Dow-Jones industrial stock average got down to 146.52, barely above the November low of 146.14.

Yet no important commentator last week could find in the fabric of U. S. industry any moth hole big enough to justify a major stock slump. Signs for optimists included:

> Steel output climbed...

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