Prices on the Stock Exchange today early moved upward, but then encountered resistance and slipped from the day's highs. The announcement of steel operations being at 51.7 per cent. of capacity, down 5.9 per cent, briefly depressed the market. However, as the decline was anticipated, prices quickly rallied. News today was generally of no significance to the market, with the exception of the prediction by F. W. Dodge that residential buildings in 1939 would be up 32 per cent. compared with 1938, while Christmas retail sales are ahead of last year. Tax-selling continues to be seen, and most longs are reticent in their commitments except at concessions.
Text read from the printed page and cleaned; old type leaves the occasional error.