STATE OF BUSINESS: Panic in the Markets

Week 1 of Hitler's war against the West was too frantic, and passed too quickly, for its real effect on U. S. business to become visible. But the first impulse of many a U. S. businessman was to get liquid and cancel his commitments. A selling panic hit the stock and commodity markets. But Hitler's victories also started a U. S. National Defense boom towards the blueprint stage.

Wall St. For World War ll's first eight months, the New York Stock Exchange refused to get excited. Speculative animal spirits in the first week...

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