A "victory boomlet" on the London Stock Exchange had Wall Street brokers eying their own quotations suspiciously last week. Since April the London industrial average—aided by British victory in Syria, the Nazi-Russian break and some fear of inflation—has gained 14%. Despite a slight decline last week, it was still higher at week's end than it had been since the Nazis started mopping up in the Lowlands.

U.S. market trends frequently have followed London's, after a time lag of varying duration. From war's beginning until last winter, London and New York quotations moved...

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