WALL STREET: Rest & Readjustment

After 18 months of soaring rise, the stock market has been moving lower for four straight weeks. From a July peak of 471.73 on the Dow-Jones average, industrial stocks on the New York Stock Exchange eased downward day after day. Railroad stocks, which broke through to a new high of 164.59 in mid-June, followed the pattern. So did utilities. By last week Dow-Jones industrials were at 453.57, down about 20 points; rails were off ten points, to 154.99; utilities at 65.34. The volume of selling was only half the 3,000,000-share daily peak of mid-July. Inevitably, the question sprang up:...

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