In countries where there was no shortage of demanding roads across remote terrain, other events sprang up. In South America, the biggest of these took the form of long distance city to city races, each of around 5,000 to 6,000 miles (8,000–9,500 km), divided into daily legs. The first was the Gran Premio del Norte of 1940, run from Buenos Aires to Lima and back; it was won by Juan Manuel Fangio in a much modified Chevrolet coupé. This event was repeated in 1947, and in 1948 an even more ambitious one was held, the Gran Premio de la América del Sur from Buenos Aires to Caracas, Venezuela—Fangio had an accident in which his co-driver was killed. Then in 1950 came the fast and dangerous Carrera Panamericana, a 1,911-mile (3,075 km) road race in stages across Mexico to celebrate the opening of the asphalt highway between the Guatemala and United States borders, which ran until 1954. All these events fell victim to the cost – financial, social and environmental – of putting them on in an increasingly complex and developed world, although smaller road races continued long after, and a few still do in countries like Bolivia.
The First World War brought a lull to rallying. The Monte Carlo Rally was not resuscitated until 1924, but since then, apart from World War II and its aftermath, it has been an annual event and remains a regular round of the World Rally Championship. In the 1930s, helped by the tough winters, it became the premier European rally, attracting 300 or more participants.
Rising investor confidence also indicates a rally, and it is perhaps more powerful than any economic indicator because when investors believe something is going to happen (a rally, for example), they tend to take action (purchasing shares in order to profit from expected price increases) that actually turn expectations into reality. Although it is an objective concept, investor sentiment shows through in mathematical measurements such as the put/call ratio, the advance/decline line, IPO activity, and the amount of outstanding margin debt.