STATE OF BUSINESS: Good Start

The stock market entered 1958 in an upbeat mood. After months of slow decline, a record 5,073,730 shares changed hands on the last trading day of 1957. Despite the flood of shares offered by traders to establish tax losses, the Dow-Jones Industrial Average rose 3.91 points. Thereafter, with the selling pressure off, the index bounded another 8.87 points in the first two trading days of 1958, ended at 444.56, well above the low of 419.79 set two months ago.

The upturn was in the face of discouraging news. Freight carloadings for the Christmas week were down to 410,022, the lowest...

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