By courtesy Swan, Culbertson & Fritz De ats Shanghai, July 25.
With current business activity holding up unexpectedly well and with second quarter earnings reports generally coming up to expectations, the Stock market as a whole reached new highs since 1991 on Tuesddy. The ise on this day broke through upside resistance level but continued to remain several points under its recovery peak established in July 1933, On Wednesday the market suffered its frst real setback since July 7, but the selling was not aggressive and the decline apparently, was but a somewhat overdue technical correction of the practically unbroken advance which had continued for twelve sessions. A firm tone was displayed on Thursday in the expeetaion that Gov. London's acceptance speech would have a bullish effect on the market, Commodity markets were again dominated by weather conditions. Interest in wheat is concentrated on the Canadian situation where no. material relief has yet been exper= fenced and the spring crop is estimated at from 200 to 250° million bushels. The forecast of another heat wave for the Mid-west caused a further advance in the price of corn. (Cotton was reactionary due to seatter-ed showers in some of the dry areas and the expectation of a 12,000,000 bale crop. Rubber consumption is declining but was offset by the report that a six weeks labour truce had, been agreed "upon at Akron.
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Text read from the printed page and cleaned; old type leaves the occasional error.