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Show STEELS AND RAILS LEAD FORWARD DRIVE IN STOCK MARKET 1 i ,. . UPSWING COMES ! AFTER SETBACK By V1CTOB EUBANK Asssctatsd Press flsasxiial Editor NEW YORK, Jan. 4 Ths stack market, led by ths steals and rails, pushed forward In a vigorous rally . Wednesday, with pivotal issues up fractions to around points or more at their best. The upswing cams after a faltering falter-ing Hart and was well under way whsn the president's message ts oongross was published. Traders studied ths document, apparently were not displeased with It, and ths rally waa extended In the lata trading. Wall street had already taken It (or granted that rail relief legislation legisla-tion would be pushed at this session and that the note of rearmament, already sounded, would flgura Importantly Im-portantly In ths president's several scheduled measagss. This (ssllng stimulated the carrier and atssl Issues and helped to pull the aircraft air-craft shares (ram a slump Inu) bLto-er bLto-er ground. Ticker Speed L'p The ticker tap waa alow moat of ths morning, but spssdsd up attar the message waa delivered. Transfers Trans-fers approximated 1.600.000 shares. Toward ths end of ths session there waa aom profit remits lion and prioss slipped away a. kit from their beat level. The p reel dent's words were received re-ceived In most sections of tb snar-kst snar-kst aa "constructive," and conciliatory concilia-tory to business. Ths rsoommsn-datlon rsoommsn-datlon against reduction sf federal spending, soms brokers aald, waa regarded "bullish" as marks! factor fac-tor Inasmuch aa It rsmovsd at least on deflationary threat Another phaa received cordially In many quarters waa th refsrence ts national unity and th ending of strif between capital and labor. . Ksssd Frees Hlgha Ahead moat of th Urn but off from th day's highs near th clou were U. 8. Steel, Bethlehem, Cruel, ble Steel, Santa Fs, Great Northern, nisunnki at Oh In United AlprrafL Sperry, Boeing and Glena Martin. Others to pull ahead Inoluded Anaconda, Ksnnscott, U, B. Rubber. Weelinghous Elcotrle, OenereJ Motors, Chrprslar, Dow Chemical and Oil Pont. Levgglng behind were International Hsrv ester, Amricii Can and PubHo Sarrios of Mw Jersey. Bond were higher ia all departments. depart-ments. At Chicago what closed H cent a bushsl lower to H sent highsr, snd corn gained to cent. Cotton waa mixed, with Jaauary dellreriee off la 1st trading. At midaftarnoon sterUng at I4.M waa 1 cents higher and th f ranch franc had advanced -O0U-U of a osnt at I.M 11-M null. Adnuse sa Ovk - Higher a th curb wer Alumx- w-inum w-inum Cornoany of Amsries. Cslta Firwarma, Montiom4rry Wtu4 "A" and Atlantic and Pacific. Announcement that tha house Inter In-ter tat commerce commit tee waa already preparing a bill to relieve the railroads of their financial difficulties diffi-culties helped shares in that sector. Expectations that armament would be a dominant factor In the present session gave a fillip to the steels. Brokers said some foreign buying entered Wednesday's market, several sev-eral houses with foreign connections reporting fairly heavy purchases on balance. The rebound in sterling allayed fears of traders who thought that currency might be due for another an-other pronounced dip. |