The stock market caught fire last week. For two days, volume topped 2,000,000 shares a day, the most active trading in more than a year. Led by such blue chips as A.T. & T., General Electric, Jersey Standard and Illinois Central, which have paced many past advances, the Dow-Jones industrial average scooted up more than six points, this week hit 281.08, a 22-year high. Much of the buying came from investors who had been on the sidelines during the presidential campaign or out of the market for years and were now heartened by the Republican victory.

Aside from the election, there...

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