Fireworks & Facts

Lammot du Pont and Ernest T. Weir are two of the most intransigent foes the New Deal has among big businessmen. It was fitting, therefore, that when the markets began celebrating last week's Republican triumph Messrs. Weir and Du Pont's stocks should lead all the rest.

In the biggest day's trading (3,100,000 shares) on the New York Stock Exchange since Oct. 21, 1937, National Steel rose 42 points, Du Pont 4 points, both reaching new highs for the year, 151 1/4. Close behind was Bethlehem Steel with a 3 3/4-point advance. U. S. Steel rose 3 1/4-points, Chrysler 2 1/2. The New York Times index of 50 stocks made a net gain of 2.52 points, biggest post-election-day advance since the index was started 27 years ago. Two hundred and one stocks hit new 1938 highs.

Nobody was surprised that markets should shoot off some fireworks after the first notable Republican success in eight years. But capitalistic exuberance was not solely responsible. Last week's market rise began before the voting, was stimulated by good business news on every side. Samples:

Steel production jumped 4% to 61% of capacity. The Federal Reserve Board estimated that October industrial production was 95% of the 1923-25 average (76% six months ago). Electrical output set a 1938 high. Automobile production for the week was 86,300 units, 6.270 more than the preceding week and 2,975 more than 1937's comparable week. Bank debits to individual accounts again showed a substantial increase and total money in circulation was at the highest level since the bank holiday of 1933.

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