STATE OF BUSINESS: Seasonal Tremors

A ripple of cutbacks in industry gave Wall Street another scare last week. In two days of selling, the Dow-Jones industrial average lost 5.77 points, closed the week at 259.71, the low for the year; the rail average dropped 3.95 to 92.97. In the first day of this week's trading, industrials dropped another 4.22, rails 2.41. What set off the newest break in stocks was bad news from the auto industry, particularly that Studebaker was laying off 5,000 workers and cutting production by a third to help clear out dealers' inventories. Said...

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