STOCK MARKET: Low Prices for Profits

Continuing its high-level holding pattern of the past three months, the Dow Jones industrial average last week came close to a three-year high of 1011 before settling back a bit to close at 992.6, down 3.62 for the week. But by several other measures the market is not particularly high at all—nor has it risen fast enough this year to make many investors feel rich. For example, a recent compilation by Smith Barney, Harris Upham & Co., a Manhattan brokerage firm, shows that 80% of the stocks on the New York and American exchanges are selling for $25 a share...

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