Shanghai, Dee. 12.
After fluctuating for five' sessions" within extreniely narrow limits and on a reduced "volume of trading, stocks advanced "along a bread front Jate "Thursday "on an increased turnover when it was an= nounced that the constitutional con troversy in England had been termi:
ited by the abdication of 'King Edward. This situation together with El the protracted civil war in Spain and widespread labour "trouble in' the United States had been largely responsible for' the unsettled market] arlier in the week. The action of! the Supreme Court in deferring any decision on the Utility "Act had also caused some liquidation of issues in this group while buyers were hesitant, despite excellent business reports and the hope that the Interstate Commerce Commission might extend the, freight rate surcharge for sixty days.
Commodities were stronger than stocks "and the Dow-Jones index reached on Wednesday another new high for the Inst several years. Wheat advanced in response to good demand from Europe, Italy in particular having been a heavy buyer. Corn improved on the increased demand {or feeding purposes as a result of the cold weather. The Government's final cotton crop estimate of 12,407.00 bales was about what had been ex-ceted and the outlook for this com= modity is generally viewed with favour. Rubber after advancing 10 new highs eased on expectations of five to ten per cent increase in quotas, Business activity was" wellesustained. the New York Times composite index establishing another new high for the year as did steel opera tions while electric power production ras the largest in history. The prevalence of labour disputes is an'unfavourable factor though it is now that the maritime strike may be settled by Christmas, The market in Agures:
Text read from the printed page and cleaned; old type leaves the occasional error.