Characterized by increased volume of trading, and abatement of prices on Wall Street for the current period under review advanced, led by rails. In the initial session of the week, Tuesday, following observance of Christmas on Monday, easy conditions prevailed, with quotations mostly finishing fractions lower, though sentiment remained good, being bol. stered by encouraging business new: Tax selling quickly dried up Wednesday and the whole list gained easily with prices closing at the day's best levels. Turnover was the heaviest since early last month. Decisively penetrating their intermediary topside resistance level, following similar action earlier by the Rails, Industrials by Thursday stood at their highest level since mid-November. As measured by the Dow-Jones Rail Av ages, issues in this group were virtually at the year's high.
Featured by the strength of grains, commodity prices, as gauged by the Dow-Jones 11 Commodity Index, continued to move higher. Wheat futures ruled firm on fears that the extreme cold weather and lack of snow in the south west are threatening the Winter crop. Political uncertainties in Europe and the steadiness of foreign markets were additional stimulating factors. Corn futures sympathetically moved up on expectations that the cold weather would stimulate feeding demand, together with the unfavourable growing conditions in the Argentine. "Trading in cotton was active and the January option led the advance under short covering and the scarcity of offerings, moderate price'
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