Roosevelt Market?

"If the day's markets had declined--if they had merely continued to stand still . . . Wall Street would not have been surprised," rumbled Alexander Dana Noyes, venerable financial editor of the New York Times, in commenting on last fortnight's election reactions. "What actually happened on the New York Stock Exchange would hardly have been predicted."

What happened was a sudden upward surge in both security and commodity prices that gathered momentum day by day. The Stock Exchange had not one but two 1,000,000-share days, and by the end of the week the Dow-Jones industrial stock averages had climbed to the highest level since last June.

Old Mr. Noyes, who seldom draws his historical parallels from any period later than the 1870s, balanced his explanation for last week's bullishness not on the possibilities of an inflationary Congress (see p. 12) but on the "not at all ungrounded belief that this period's recovery from depression has pursued the general path marked out by previous experience."

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