STATE OF BUSINESS: A Week for Bears

Along with an expanding economy and a growth in population, the continually rising bull market has been one of the phenomena of the postwar U.S. Last week, as stocks fell lower day by day, there were those on Wall Street who mourned its passing. Cried the New York Herald Tribune: BULL MART ENDS 10-YEAR REIGN. What lured the Tribune out on a limb—and prompted other hasty obituaries of the bull—was an oldtime market tool known as the Dow Theory, fathered by Charles H. Dow, a onetime broker and newspaperman, who founded...

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