THE MARKET OUTLOOK.

The article presents the author's analysis of U.S. stock market conditions in the upcoming year of 1965. He discusses the gain in capital expenditures based on early returns, citing the importance of this upward trend. He also mentions the multiplying effect that capital spending has on the economy and the lack of attention given to the mid-year stimulus. The author is also of the opinion that 1965 will hold speculative surprises in the building, paper, chemical, and aluminum industries.