Steel operations 0% of cap.) ig Carloadings (carloads) 6774 Elec. power prod.
Avet, datiy oit awe (kw. hrs.) 2 482 (00
Automobile output Prod. (his) 3,818,000 2
000 omitted.
(cars) 72520 93,638
Outlook: With the railroad average having refused to confirm the action of industries in breaking: through their downside resistance levels of September 18; the reaction correct:
the technical position. of thë fter ite august" September deem to hope rim its course The small volume of trading for the last: several weeks: indiested- that no widespread. liqitidstion was under Way and the recent weakness' does not seem to have: dis invest. ment holdings: Tax- selling msy serve to check ang advancing teiidency before the' end of the year and foreign liquidation still appears liable on periods of market strength. Moreover, Congress will convene in early January and there are still fears of additional taxation next year and uncertainty as to the Adntinistration's attitude towards business, Nevertheless, the recent behaviour of the market justifies a more constructive attitude towards stocks than has been possible for some weeks and gradual and the advance on Wednesday was accumulation during periods of weak- pared with ness appears warranted.
Text read from the printed page and cleaned; old type leaves the occasional error.