Western Europe: Time for Togetherness

U.S. stockholders may think that they are hurting, but European stock buyers are hurting worse. In the great May 1962 plunge, the majority of European stock markets fell faster and farther than the New York Exchange. In Switzerland and West Germany, indexes dropped 40% below their alltime highs, v. Dow Jones, which dropped 23%. Having dropped farther, most European exchanges are showing even less recuperative power than Wall Street. ''Pessimism reigns supreme," lamented the Milanese financial daily 24 Ore last week.

Signs of Slackening. Each European exchange has its own local reasons for being dispirited. But there is also an...

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