Business: Old Tennis Ball

Last winter when business and stockmarket were soaring the balance of expert opinion held that stocks would suffer a spring slump, then recover to soar through the fall. Sure enough, the slump started in March, and, assisted by cold water from President Roosevelt, the crack-up of the British commodity boom and the unhappy state of the nation's labor relations, reached bottom in June. For two months thereafter all was well enough, save for the extreme thinness of stock and bond trading. On Aug. 14 Dow-Jones industrial averages reached a high of 190...

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