Peru 6s 1961 19 Rio Grande do Sul 27 Stand. Gas_& Elec. 912 69% A~asked B—Bid *—Ex Div.—Reuter.
By courtesy of Swan, Culbertson & Fritz Price movements on the New York Stock Exchange during the past week have been rather irregular and selective with the market apparently consolidating its position after the sharp advance between June 28 and July 8, Industrials under the leadership of steel shares, which responded to a wide gain in operations, have done better than rails or utilities. Oils, minings, and the issues benefitted by the prospective increase in agricultural purchasing power have also been firm and considerable progttaking was well absorbed. The volume of trading accompanying the rises and declines has failed to give much of a clue to the relative strength of buying and selling.
On the commodity exchange wheat advanced the full limit on Tuesday due to reports of further crop impairment but later eased on beneficial rains though these may have come too late in the worst drought areas. Cotton declined on wide recognition of the favourable crop outlook. Corn shows a loss for the period inasmuch as rains in most of the dry areas have improved the already favourable crop outlook. Expectations of increased shipments from Malaya during July caused some easiness in rubber but quotations subsequently rallied on better dealer and factory demand. Sugar again advanced to within striking distance of the 1.25 cent resistance level in response to Cuban covering on the announcement that export certificates for not more than 300,000 tons would be extended to August 1988 but then receded, Business activity is holding up well and the good operating rate in the steel industry despite strikes has improved sentiment. Little headway is being made with the legislative programme before Congress and the death of Senator Robinson, Majority Leader in the Upper House, may delay adjournment still further.
The Market in Figures:
Thursday July® July 15 Change D. J. Average for 30 Industrials. 177.70 179.71 up 2.01 D. J. Average for 20 Rails 54,71 5382 off.89 D.J. Average for 20 Utilities 2826 2818 off 08 D. J. Average for 40 Bonds 10147 10163 up 16 D. J. 11 Commodity Index 7266 7145 off 121 American Cyanamid "B" 31% M4 International Tel. and Tel. 11% 12%% up 1⁄4 Libby-Owens-Ford Glass 62 6m4 up 5% Studebaker me 12⁄4 offi US. Steel 1094 16° up 613
Commodity Prices: Thursday July 8 July 15 Chicago wheat iza 121% Winnipeg wheat 139 14134 Corn 85% 308 1230 1207 19. 19.40 1695 17% 119) 124
Text read from the printed page and cleaned; old type leaves the occasional error.