Two months ago, the Battle of Flanders sent the New York Stock Exchange into a tailspin, forced the Dow-Jones industrials average to its lowest point since 1938 (111.84). Result: many a U. S. corporation that had planned new financing ran for shelter instead. The capital market crouched for a long, scared wait.
By last week the stockmarket averages, still crouching, had crept back to 121.48, bolstered by the prospect of Defense spending. Out of hiding came both deferred and new capital issues: some $120,000,000 worth, the most since the week ending March 1, 16 times as much as the previous week. Public...
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