At 12 noon on Saturday, August 19, the Dow-Jones average of 30 industrial stocks closed at 135.11, down 7 points for that week, 9.60 points from the pre-Danzig peak of July. At 12 noon on Saturday, August 26, the same average closed at 136.39. Such was the net reaction of business opinion in the U. S. to the worst week of war scare since 1914 (see p. 14).

During that week: 1) war jitters drove that stock average down to 132.81; 2) peace hopes (prompted by the only calamity comparable to war that...

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