WALL STREET: Anatomy of a Bull Market

The New York Stock Exchange last week had three 2,000,000-share days, two 1,000,000-share days, a 750,000-share Saturday half-day. The Dow-Jones industrials average moved up to 130.7—its highest level since December 1940. Brokers in the back room worked ten-and eleven-hour days, and some smaller houses figured that their commission business had already paid their overhead for the full year.

This upsurge of the market had little to do with corporate earnings: during the week the National City Bank reported that earnings of 710 manufacturing companies were down 13.4% in 1942 from 1941. Nor was better war news the basic...

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