Apart from Ward's estimate of automobile production for the past week of 40,175 units, compared with 26,980- units for the preceding week most business news today was bearish Car-loadings are the smallest recorded since January; Barron's production index reaching 1932 levels; United States Steel May shipments created a new five-year low; and, anticipations of additional dividend prices, as measured by the Dow-Jones 70 composite stock average, moved in almost a horizontal line until Thursday when quotations ad: vanced fractions to more than two points. Monday's moderately substantial advance, partly inspired by hopes that Congress would soon adjourn, together with the highly inflationary implications of the Recovery Bill, lost impetus when the announcement was made that the United Corporation's preferred dividend had been omitted. Ignoring good and bad news, Tuesday's market was an uninteresting affair, prices easing after early strength. In one of the quietest sessions for twenty years, reflecting complete public apathy, the market moved within a narrow range on Wednesday but maintained a good tone though most news was bearish. Fresh rumours of dollar: devaluation lifted prices to their best level since mid-May on Thursday with turnover increasing.
Commodity prices, during the period under review, moved steadily upward. Weak Bombay advices and heavy selling from that source li Monday's market erased last week largely technical gain in cotton prices, but by mid-week improvement was witnessed on unfavourable weather reports and better domestic demand. Reports of wide-spread rust damage and disappointing yields in the Southwest stimulated wheat futures. Scarcity of offerings, commission house buying, indicating a broadening of interest, and purchases of spot *|and futures attributed to Akron, advanced rubber quotations to their best level since mid-May.
Further depressing industry and trade reports, as well as numerous dividend cuts and omissions emphasized the low estate to which business has fallen. May automobile production figures are expected to show sharp contraction while the New York Times composite index of business activity for the week is but fractionally above the low for the current bear market. Though almost entirely of an anticipatory nature, favourable factors included the expectation of further large corporate financing to take advantage of prevailing cheap money rates, and President Roosevelt's plans for speeding up relief spending, together with some indication that investors are seeking high grade stocks. The steadiness in foreign markets is attracting some attention Adjournment of Congress, which business and financial interests alike would welcome, appears (o be threatened by the controversial Wages and Hours Bill now under consideration.
Representative Rankin on Thursday stated that an effort would be made to keep Congress in session until monetary legislation has been enacted.
The market in figures:
Thursday June2 June 9 Change D.-J, Average for 20 Industrials 110.68 up 5.06 D.-J, Average for 20 Rails 2052 up 29 D.-J, Average for 20 Utilities 18% up 49
D.-J, Average for 40' Bonds or 26
D.-J. 11 Cc
modity Inde: a up 123
Commodity prices:
Text read from the printed page and cleaned; old type leaves the occasional error.