Business: The Other Bull Market

"We thought it wouldn't happen here.'' groaned a Swiss banker last week. ''But the whole world seems to be caught by a frenzy of speculation. If this goes on. something serious is bound to happen pretty soon." On Zurich's conservative and cosmopolitan Effektenborse. stock prices moved sharply up and down. Alpine fashion, and many an unsavvy investor plunged in with gusto. "For the first time." said another stiff-lipped Zurich banker, "our market is pulling in the barbers, the bakers and the waiters."

Trouble was that the barbers and bakers were fair game for tipsters and touters. When rumors went around that the...

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