STATE OF BUSINESS: Bawl Street

Many a Wall Street broker visualizes himself as a modern Sisyphus in a special kind of New Deal Hell: endlessly rolling a Business boulder up a WPA hill built too steep by Federal spending, sown too thickly with SEC hazards, watered so heavily with Federal supervision that the boulder continually slips out of his hands and rolls back into Depression.

But once a year, when he goes to the annual outing of the Bond Club of New York at Tarrytown's Sleepy Hollow Country Club, he gets a laugh out of his plight. His...

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