STATE OF BUSINESS: Pause or Lull

The stockmarket fell last week three days before Barcelona. Stock prices had been weak since the first of the year and when last week's break came they were already back at what Dow theorists call "resistance levels" (146 for Dow-Jones industrial averages, 28.8 for railroads) set by the previous reaction in November and December. Both industrial and railroad averages plummeted through these levels on heavy trading volume.

With most of Europe convinced that the fall of Barcelona was not the end of the trouble but perhaps the real beginning, war-scare was doubtless primarily to blame for the break. Brokers reported...

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