By courtesy of Swan, Culbertson & Fritz Stock prices responded to the improvement in most steel centres. However, the Pittsburgh scheduled start remained unchanged, although a rise is anticipated. The strength of steels spread throughout the entire list, with, however, many traders disposed to allow the market to signal its own trend prior to making fresh commitments. Favourable factors today included: the acceleration industrial activity; strong position of the automobile industry; and, freer spending, indicating a revival of consumer confidence. Unfavourable factors were: the weakened technical position of the market and the tense international situation. However, the feeling prevailing in many quarters is that the Administration is favouring the present recovery, while there is continued talk by the Securities and Exchange Commission of cooperation with the New York Stock Exchange.
Text read from the printed page and cleaned; old type leaves the occasional error.