WALL STREET: Bull Market's Birthday

The current bull market in securities had a birthday this week. The present advance, born April 28, 1942, is now 28 months old—the third longest bull market since 1897.

This bull market—even in its most thrashing moments—has stayed off the front pages, although it has plodded quietly but steadily up. The New York Stock Exchange's daily transactions have averaged only 906,000 shares, compared to the 1.6 million-share days of 1936.

But pricewise, the Old Bull's achievements have been notable. Items: 1) the market value of listed stocks has risen from $31 billion to more than $52 billion; 2) the market value...

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