STATE OF BUSINESS: Still on the Climb

The bull market continued to climb. The Dow-Jones industrial average last week rose 5.13 points, and closed at 337.66. To back up Wall Streeters' optimism, there were many signs of cheer:

¶Manufacturers cut inventory stocks by $400 million during May. It was the first time since the Korean war that the dollar value of manufacturers' inventories had fallen below the previous year's stocks. To replace goods sold, new orders have continued to edge up.

¶Personal income last week was estimated to be running at an annual rate of $283 billion, only 1½% off the alltime high of $287.5 billion, set...

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