Stock prices today fluctuated irregularly, and closed well above the day's low levels but below the highs. The market closed before the full text of Herr Hitler's speech was available, and, what was received being construed as moderately cónciliatory, there was, during the final few minutes of trading, a sudden rush of short covering. However, some short covering was noted before the publication of Hitler's speech. Business news, on the whole, continued to be favourable.
By courtesy of S. E. Levy & Ca.
The action of the market appeared to suggest.a decrease in the liquidate ing pressure of a fortnight ago. Europe was a buyer on Tuesday and a seller on Friday. Professionals were selling short.
The response imu New York and London to favourable news during the middle of the week was disappointing if war fears, as generally credited, were the sole influence on prices.
The seasonal upswing in business is not yet equalling expectations. Earning power is adversely affected by the unsatisfactory price situation in the steel, building, textile and chemical industries.
In retrospect, the summer rise has Berlin Bourse Berlin, Sept. 26.
Marked weakness characterized the share market when the new week's business opened today. Bank customers showed extraordinary disinclinaion to buy so that the stock offered vas taken up, when at all, only at declining prices.
The text of the German memoran-lum to Prague was much discussed and made a profound impression. No economic considerations had any effect in the price trend.
Leading shares dropped by two to three per cent. but less popular securities fell as much as four per cent. Later, there was a rally but the recovery was less than what had been lost on the fall.
All sections of the market were affected similarly. The fixed interest} securities market was likewise weak, above all industrial bonds, German Dye Trusts dropping 1% to 120%—Trans-Ocean.
Text read from the printed page and cleaned; old type leaves the occasional error.