SECURITIES: March-Minded Investors

Stock traders divide their December attention between the year-end dividend crop and their March 15 income-tax returns. Last week sales for tax purposes weighed heavily on the New York Stock Exchange, helped depress it still further.

Despite the production boom, stock prices never have climbed back to the level from which the Lowlands Blitzkrieg toppled them last May. Thus many a shareholder had paper losses this month on stocks bought before the May collapse. To deduct them from his 1940 taxable income, he had to sell the shares, turn his paper losses into real ones. He then could deduct his short-term...

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