Autos: Product of the System

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With investor confidence at its lowest ebb since Dwight Eisenhower's heart attack and Big Board stock prices falling $6 billion in one day's trading, Wall Street last week was a cheerless place for anyone trying to peddle large blocks of stock. So discouraging was the atmosphere that long-scheduled sales of stock in two eminently solid corporations (Kellogg Co. and McGraw-Hill Publishing) were abruptly postponed by the investment bankers underwriting them. But the Street's hard-eyed moneymen took a different view when 430,000 shares of General Motors Corp.* went on the block....

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