Wall Street: Nervous Retreat

WALL STREET Nervous Retreat "We're in a wartime economy," said Chairman William McChesney Martin of the Federal Reserve Board last week.

He warned Congress that the pressures generated by conflict in Asia may soon require stronger action against inflation, including "new machinery" to restrain wages and prices. Almost at the same hour, Chairman Louis B. Lundborg of the Bank of America urged in a Manhattan talk that the Reserve Board impose wider credit controls to prevent "distortions in the economy."

Such concerns—and the ominous realities behind them—have driven stock prices into a...

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