The Brave Bulls

In Wall Street, baffled brokers did not know what to make of things. Despite the strikes in steel, coal and aluminum, which had thrown at least 1,000,000 out of work and caused the worst postwar shutdown, the stock market kept right on going up. Last week, in some of the busiest trading of the year, the Dow-Jones industrial average rose 1.59 points to 186.78, a new high for the year.

Leading the market were the television shares, notably Admiral Corp., which declared a 100% stock dividend. For those who still swore by the Dow theory, regardless of its confusing "signals,"...

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