Business: The Brave Bulls

In Wall Street, the new feeling of confidence boosted the Dow-Jones industrial average to a 22-year high of 289.65, and by year's end traders cheerfully predicted the average might break 300 (1929's high: 381.17). If this bore surface traces of 1929—8 bubbly nonsense, the underlying facts did not. To many, the stock market still seemed the only uninflated segment of economy. Chicago's Colonel Henry Crown, who had bought Manhattan's Empire State Building, said: "You can buy stocks more cheaply than you can buy the buildings they represent." Many companies listed on the...

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