WALL STREET: The Cheerful View

Businessmen might be pessimistic about the future, but Wall Street took a cheerful view. Day after President Truman's mobilization speech last week, the market started out at a fast clip, with textiles and such war stocks as Grumman, Lockheed and Boeing leading the parade. In the short, half-day session, 2,020,000 shares were traded and both the rail averages and Dow-Jones industrials scooted up. Reason for the rise: after all the grim advance notices, the President wasn't nearly as tough about controls and cuts in civilian production as Wall Street had expected. Furthermore, investors saw more inflation ahead and rushed...

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