STATE OF BUSINESS: Out of Pattern

Month ago, in mid-July, the stock-market started to go through the roof. Topped off by four million-share days, the Dow-Jones average hopped ten points (to 144.71) from July n to July 21. It seemed almost within reach of its 1939 high (154-85) and its 1938 high (158.41). Last week stock which was sold at the July peak could be bought back for ten points less. Those who profited by this turn of events were chiefly professional traders. SEC has since reported that at the peak, in the last half of July, while the...

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