No Picnic, No Panic

Wall Street took first news of the U.S.Japanese war without panic.

In World War I a deluge of selling orders forced the New York Stock Exchange to close even before Germany invaded France; but Japan's move caught both exchanges napping. Last week stocks had their best week since July, while commodities were up only slightly.

Exchange President Emil Schram made a quick check of all orders this week before allowing the market to open. After a smart morning rally, stocks retreated slowly, closed 1 to 4 points down and at the lowest level since mid-1938, bottom of the Roosevelt recession.

Commodity brokers had a better time; commodities have less to fear from taxes, more to gain from inflation. All grain futures rose the maximum daily limit; world sugar picked up ten points, cocoa gained 30. After the close traders heard that the Commodity Exchange Administration would freeze wheat, soybean, butter, egg and flaxseed futures at the Monday level.

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