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The great pot of the New York Stock Exchange continued to boil hotly most of last week, but in the last two days the fire of bullish enthusiasm cooled, stock prices lost more than one-fourth of their month-long rise (TIME, Aug. 8 et seq.). Speculators for the advance, amazed at their swift-gotten gains, suddenly rushed to cash in. At the rally's peak railroad shares stood 127% above their bear market lows, utilities 83%, industrials 74%. Stocks as a whole had climbed up the opposite side of the valley to a point abreast...
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