Experts said that it was most significant that the development of activity on the Stock Exchange today Was accompanied by the strength of rails. Leading rails are showing more favourable reports, while carloadings are pointing to higher levels. Pittsburgh steel scrap prices advanced for the third successive time. The Worth Street textile market was more active. However. despite favourable news, the advance caught the Street unexpectedly, and. being under-staffed, it was swamped out, Traders welcomed the first profits since early in the year of railroads which had effected a sharp cut in operating costs and were encouraged thereby. Non-ferrous metals and other commodities showed strength. However, the market is technically weaker, with operators worried over the forthcoming monopoly investigations and the continued lag of bank clearing By Courtesy of Swan, Culbertson & Fritz Prices on Wall Street this week advanced sensationally in one of the broadest recoveries fcr several Years, with the Dow-Jones composite stock average reaching its best level since March 15. Industrials, under the leadership of steels and coppers, Rose perpendicularly on Monday and closed: at the day's highs, while the turnover jumped above the million share mark. Quickly absorbing repeated waves of heavy profit-taking, the market continued its spectacular dvance on the three follo sessions with railroad issues dis ing outstanding strength. Of particular significance was the increased number of shares changing hands, the volume on Thursday being the largest this year and eight times the preceding week's average. The impressive strength can be attributed partly to the expected stimulus to business of the Government's recovery programme and to improved trade and industry reports. Heavy buying, particularly of long term investment calibre, together with some short-covering and a scarcity of offerings, were further influential factors in the price changes Commodity prices generally were buoyant this week, based upon intation psychology and the strength of the stock market. As measured by
Text read from the printed page and cleaned; old type leaves the occasional error.