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Show STOCK MARKET CONTINUES ADVANCE IN HEAVY TRADING STEEL SHARES-REMAIN SHARES-REMAIN WEAK By ELMER C WALZE tnlted Press Financial Editor NEW YORK, Oct Jl-Tha stock market absorb. largs amount profit-taking Thursday and eoirtln-lued eoirtln-lued Its advaocs for ths third sue-csasivt sue-csasivt session, with voluma undar Wednesday's 4.340,000 aharas. Tht lUt advanced In tha first hour and again IB tha kat Between these periods price recessions pre dominated, with steel shares weak, notably U. & Steel. Railroad Issues led a late recovery oa hopes (or an early I. C. C decUloa raising . freight rates. Prices wire at tha worst at midday and at tha bast in the last hour. Trading lightened oa declines and picked up on rallies. Several favorable news Items had effect. In contrast with the recent tendency to Ignore them. Car load ings showed Increases. Construct ioa and retail sales gained. Several favorable fa-vorable corporation reports wars Is. sued. Unfavorable factors had little ef. feet. One of them, the weekly Dun A Bradstreet business activity Index, In-dex, showed a decline to tha lowest level since June. 14. lM. Wall Street Thursday felt tha steel Industry would point tha way for tha stock market's course over tha next few weeks. Heavy steel ceotera reported a steadier pace) ' than recently, when curtailment was particularly drastia In addition to antio.ptloi of a" trifht rata liirs for tha rail roada, trader looked for upward ad Just me nt of paaaanfor rates. New York Central touched It JM aarly and toward tha ctoao waa around 23 for a gain of mora than S poinu. Union Pacific jumpod to N front a low of M, which was off point. Atchison roM I polAU from lu low to 46, up X not United States Stool touched M 5-t, off but turned the loa into a mall net gain. YounfJtown Sheet Tube, Bethlehem and ReouoUo were up fracttona u mora than a point American Tknhone mot inrost ment demand and rose to 15a, up 2. Chrysler rallied sharply alter touching M ft-a, off 1 T-t. General Motors had a 1 -point gain. Copper and utilities cam back from early kiasea, Public Service was up 2. Montgomery Ward and Sears Roebuck were strong. Wasting Wast-ing ho use Electric made up a loaa of 6 point. Movie shares strengthened with .Paramount active, Jersey rallied ral-lied smartly In oils. |