STATE OF BUSINESS: Deflation on Wall Street

After months of slow leak, the rest of the air went out of Wall Street last week—and it went with a whistle. In five days of heavy trading, stocks on the New York Stock Exchange lost $8.7 billion of their value. Thursday was the worst. As 3,300,000 shares changed hands, the Dow-Jones industrial average plummeted 9.69 points, the rail average 4.59 points in the sharpest break since Oct. 10. 1955, the week after President Eisenhower's heart attack. Though a strong surge on Friday checked the losses, the attrition left the market average at 441.16, nearly 80 points below...

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