WALL STREET: New High

WALL STREET New High Paced by chemicals and steels, the Dow-Jones industrial average last week edged up to 476.24, a new high for the bull market, then slipped slightly. The market breakthrough took place in the face of the Administration’s continuing policy of tightening the nation’s money supply. Last week six Federal Reserve Banks, including the New York bank, most important of all the eleven districts, joined the rising interest trend and boosted their rediscount rates, from 2% to 2¼%.