Hopes & Fears

Just before the Supreme Court killed off the Blue Eagle, the stockmarket pierced its long-established ceiling, shooting into new high ground for Recovery. With typical perversity, it shot downward even faster after the NRA decision. Some swift price-cutting developed but that merely served as a stiff shot in the arm for retail trade. Business as a whole kept a stable keel.

Reassured, the stockmarket regained all lost ground and last week pushed forward to the best levels since September 1931-- just before Britain quit the gold standard. More inspiring was a sudden interest in slumbering railroad stocks, particularly those of the transcontinentals. Great Northern blossomed out as the week's second most active stock on the New York Stock Exchange, rising on reports of bumper Northwestern crops to $19.75, up $3.50. Northern Pacific jumped $2.50 to $19.75. Atchison at $47 and Union Pacific at $105.50 were both up $5.50.

Yet with all the high hope that the ticker tape revealed, there were plenty of fears that the current business recession would deepen. Said Economic Statistics, Inc. last week: "We expect quite a sharp reaction in both industrial and manufacturing activity during the month."

This file is automatically generated by a robot program, so reader's discretion is required.