WALL STREET: When the Market Is High

When Democratic Senator J. William Fulbright casually told a reporter last January that the Senate Banking and Currency Committee might look into the booming stock market, he got a rude jolt. As the news hit the wires, stock prices were falling. Hurriedly, the Senator, scared by the political effect of a market break, called in the press. What he had in mind, said Fulbright, was no punitive probe like the 1932-34 Pecora investigation (when a circus pressagent popped a midget on J. P. Morgan's knee). Instead, Fulbright was planning "a friendly study."

Last week, as the Dow-Jones industrial average hit...

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