Business: Below Our Estimate

With unhappy untimeliness, Secretary of Commerce Daniel Calhoun Roper last week remarked over the radio: "There is evidence of resistance to further business and economic decline, indicating that the liquidation period has about subsided."

Four days later the New York Stock Exchange staggered under the heaviest liquidation in four months. Beginning quietly on Friday morning, selling waves swept over the floor in successive shocks which knocked the ticker four minutes behind and kept traders on the jump with the biggest volume since January—1,600,000 shares. Next day, being Saturday, was only a half-day for...

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