Prices on the Stock Exchange today touched the highest levels recorded since November 17, and then met with profit-taking. Price levels, however, held well and trading tended to slacken on dips. A strong background was noted in business news, which included: substantial rail equipment orders and reports of heavy new automobile sales. Christmas sales are reported to be outstripping those' of the 1937 season. Increased authorizations of- $1,000,- 000,000 by the Federal Housing Administration aided the building picture. However, the market technically is in a weaker position.
Text read from the printed page and cleaned; old type leaves the occasional error.