"If the day's markets had declined—if they had merely continued to stand still . . . Wall Street would not have been surprised," rumbled Alexander Dana Noyes, venerable financial editor of the New York Times, in commenting on last fortnight's election reactions. "What actually happened on the New York Stock Exchange would hardly have been predicted."
What happened was a sudden upward surge in both security and commodity prices that gathered momentum day by day. The Stock Exchange had not one but two 1,000,000-share days, and by...
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