Last week, having rounded out a twelve-month rise without serious interruption, the stockmarket paused for breath. The first anniversary of the Roosevelt bull market passed with no such elated demonstration as that which carried the Dow-Jones industrial stock averages to a flat 300 on the last trading day of 1928. Indeed, the peak of the present rise was registered two weeks before when the averages touched 158.7, a clear gain of 64% from the 1935 low of 96.7. The Dow-Jones railroad stock average showed an even more spectacular gain for the year—85%. Largely...
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