Rails, Some Steels Lead Stock Recovery: But Sales Volume Dips
NEW YORK, April 17 (AP)ÛÓThe stock market recovered today with some leading steels advancing and rails up on a broad front. Trading was moderate, edging below three million shares.</br></br>Wall Street apparently regained some confidence based on published reports that the Administration was easing pressure on the steel industry now that the Government has won its point by getting the steelmakers to rescind a price increase.</br></br>The proposal of Sen. Hubert Humphrey (D-Minn.) that the President set up a commission to look into steel industry policies and needs, was interpreted by some Wall Streeters as a sign that the Government may get around to weighing the ÛÏprofit squeezeÛ which steelmen say is hampering modernization of plant.</br></br>The advance also included big three motors, oils, rubbers, chemicals and non-ferrous metals. Building materials, farm implements and electrical equipments were mixed and there was some extreme weakness among tobaccos and drugs.</br></br>and a riiarp gain in March housing starts, ending four straight months of decline. Building construction has been one of the questionable areas in the business recovery.