Evening star., 1948-10-24
Week. k'sAdvance Adds
About 7 Billion 10
Listed Stock Values ,
By the Associated Press

NEW YORK, Oct. 23.-This was
the best week the stock market has
had since a spectacular mii-May
advance.
About $4,000, 100000 was ad:,ad to
the market value CT all sha4 IS Lifted
on the New York Stock EXcil-n2e.
The Week closed on rising note
In todayS short session the power
full momentum of Fridays market
slowed down but there ws5 littl,
question that the price curve still
slanted upNa:d
Several S,eel issues reached new
highs for the year or longer and
gains generally ran frsm fractions
to around a pc-nt.
Turnover amounted to $4,000
shares, the busiest SATURDAY since
the exchange resumed Weekend
trading after summer rece3.
Average Nears 1913 Peak.
The Associated Press average of
60 stocks advanced 2 of one pcint
to II. peak since the same level
was reached on July Is. High for
the year is 72.4. hit earlier in July.
Trading was broad for Saturday,
with 1856 issues CHANGING hands. OF
these 463 advanced and only ITS de-
clined
Public interest in the market
heightened and the weeks volume
increased to 6,933, 100 shares, which
has not been equaled since mid
July.
Political trends profoundly affect
ed trading strategy. In addition
there were such factors as a more
favorable Interpretation of the for
eign news, rich flow of earnings
and dividends, the economy operat-
ing at high levels and prospects of
good business for months ahead.
The market has been rising since
around the first of the month.
Gains, however, were usually small,
and most of the activity was at
tributed to professional traders.
Good News Gets Attention.
On Friday investors and specula-
tors went to town. Traders claimed
q solid foundation had been laid
by a long but somewhat jerky ad-
vance. Fridays sudden surge ahead.
1t was suggested, was inevitable"
In the typically bullish mood of the
financial district good news received
top billing, while unfavorable fac
tors were more or less ignored.
Probably the major contribution
IN moro infarSa dopnorN uyoc UyoN
Streets Interpretation of the polit-
ical news. The market. in other
words, acted in its familiar role as
an appraiser of the economic fu-
ture.
In downtown Manhattan a Re-
publican President is regarded al
most as sure thing. Brokers say
1t is felt that change in the ad-
ministration %ould bolster business
confidence and perhaps take away
or modify some, of the taxes and
curbs which have rubbed raw the
hides of many. |
Confidence Apparent.
Government agencies. economists,
business executives found few flaws
in the immediate future. The Fed
eral Reserve Board, it's true, ac-
knowledged that it hadn't been able
to do much with the problem Of in
fiation and many of the crystal
gazers saw the possibility of minor
recession next year.
But there was note of confidence,
IN even the least cheerful estimates
Of the future that things would
work out.
One angle of the business news
received increasing emphasis. Many
corporations after the war embarked
on huge expansion and improve
ment programs. Money was obtained
to finance q substantial part of this
expansion by holding out on stock
holders. Earnings were plowed back
In the business.
Now some of these programs are
on the verge of completion. The
financial district figures that in
asmuch as profits won't be called
upon to supply expansion money.
the stockholder will get bigger
cut.
News from abroad during the
week, while not decisive, was. mostly.
reassuring.