Business: No Picnic, No Panic

Wall Street took first news of the U.S.Japanese war without panic.

In World War I a deluge of selling orders forced the New York Stock Exchange to close even before Germany invaded France; but Japan's move caught both exchanges napping. Last week stocks had their best week since July, while commodities were up only slightly.

Exchange President Emil Schram made a quick check of all orders this week before allowing the market to open. After a smart morning rally, stocks retreated slowly, closed 1 to 4 points down and at the lowest level since mid-1938, bottom of the Roosevelt recession.

Commodity brokers had a...

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