In the opinion of experts, the Stock Exchange acted extremely well today, with the absorption of rails in early dealings indicating the evidence of continued bullishness. Traders bought carriers in anticipation of Governmental aid to prevent numerous reorganizations. Steels operations moving up to 568 per cent. of capacity aided steels, and other industrials joined the upturn. Childs advanced, following the awarding of the restaurant contract at the New York "Worlds Fair." Unfilled automobile orders are increasing, despite heavier production. Meanwhile, the continued small demand for business loans, the failure of commodity prices to move upward and the election uncertainties have somewhat clouded the future outlook, By courtesy of S. E. Levy & Ca.
The rise in brokers': loans shows evidence of an increase in professional and public participation in th: market, Due to the spurts by utilities and aircrafts, the appearance of buoyancy in the market was deceptive. A temporary unhealthy development may be seen, when stocks like Packard Motors and Commonwealth & Southern rise and higher grade issues rule weaker.
The large volume of trading, causing only a negligible rise in the Dow-Jones Averages, indicates that saturation point has been reached. The disappointing action of the stocks concerned on announcement of the Power Programme is suggestive of the fact that good news is losing its former kick. Whether all its power of stimulation has gone is likely to be seen in the nature of the markets response to unexpected bad news, Offerings remain unimportant, while the volume tends to decline on weakness, However, there is a continuation of off-market disposal of large blocks, and it was only a last minute hitch which prevented such a disposal of a large block of highly regarded chemical shares last
Text read from the printed page and cleaned; old type leaves the occasional error.