STATE OF BUSINESS: Crossed Signals Flying

Three weeks ago, after the Hitler-panicked stockmarket cooled off (at around 115 on the Dow-Jones Industrials Average), a sober fringe of investors figured that many stocks were priced too low. Their reasoning: that the worse Hitler made things look for democracy in Europe, the more U. S. heavy industry would boom on National Defense spending.

Last week was the worst week yet for democracy—Italy entered the war, Paris fell, the Maginot Line was broken, indications pointed to a separate peace by France over the weekend. But the market reacted to Italy's...

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