Steels, Motors, Rails Lead Broad Rally: Firm Tone Heartens Bulls
NEW YORK. Nov. 18 (AP>ÛÓWall street hopes of a negotiated steel settlement swept the stock market higher on a broad front today for its best rise since Oct. 23. The firm tone underlying the market was a much more convincing end to the recent string of declines than yesterday's slight gain.</br></br>Gains in steels ran to around 3 points and more. Advances by steel-starved automobile builders were as high as 2 points and rails showed frequent gains of better than a point on hopes of increased carloading*.</br></br>Broker sentiment looking toward steel peace was based in part on a report by Iron Age Magazine that any voluntary agreement between industry and union negotiators would be a non-inflationary three-year pact. It also was pointed out that both steels and rails were entitled to a technical recovery after recent slumps.</br></br>The AP 60-stock average rose $2.30 to S221.20 with industrials up S3.10. rails up S3 and utilities up 50 cents. The average also gained S2.30 on Oct. 23.</br></br>Tube spurted 5*4 to 125*4 and Jones & Laughlin rose 3V* to 74H. Ford and Chrysler both were up 21* among motors, while rails were led by Baltimore & Ohio, up 1%, the Pennsylvania, up 11* and New York Central, up 1. The Pennsy was aided by a published prediction the nation's largest road would declare a dividend Thursday, thereby preserving its tradition of an annual payment for the past 111 years.