Business: Whitney Out

Last week, for a change, the stockmarket went up. It was led by utility shares, which climbed on the growing conviction that the Administration's bill to abolish holding companies would never reach the White House in its present form. And abruptly that aggregation of mercurial individuals called Wall Street decided that the country was not, as they had thought for weeks, going straight to Hell.

But brightening Wall Street sentiment had nothing to do with a sudden shift in the internal affairs of the New York Stock Exchange, which is something of...

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