STATE OF BUSINESS: Are Jitters Justified?

Instead of starting the usual summer rally that brokers had expected, the stock market last week saw its sharpest shake-out since May. By week's end, the Dow-Jones industrial average registered a net loss of almost five points. There was just enough bearish talk in the air to make some traders jittery.

If not jittery, one of Wall Street's shrewdest traders, Floyd Odlum, had at least turned cautious. After unloading Consolidated Vultee (TIME, April 6) just before its stock broke, Odlum's Atlas Corp. was 38% in cash and Government securities (total: $68 million), and at Atlas' annual meeting last week he...

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