The easiness recorded on the Stock Exchange today was attributed to a p and lack of buying power rather han any selling pressure. Favour-tors today included: the fication of the steel price situa-intimations that President Roosevelt will sign the Tax Bill; con-yards thus far this year ave been above that of 1937; and, a billion bushel wheat crop aid to railroads. Unfavourable were: weakness of copper bank clearings for the past cing below that of the corresponding period of last year; and, the downward revision of estimates f automobile production and sales during the current quarter, By Courtesy of Swan, Culbertson & Fritz Characterized by trading on a much reduced scale, prices on Wall Street closed lower this week. Observers were disappointed over the market sell-off at the opening session of the week when some short-selling was again in evidence. Following an easy and_ irregular opening on Tuesday and Wednesday, industrials rallied to show small net gains but rails lagged behind, traders adopting a "wait and see" attitude, with losses ranging up to $3 recorded in the closing session of the week, when a small increase in the turnover was registered.
Commodities were at a new low for the current bear market, reflecting declining business activity the anticipated large crops. generally followed the action of the stock market. Hedging against foreign growths depressed cotton prices although wide-spread rains in Texas caused some uneasiness. Wheat moved lower on poor export demand and a bearish Department of Agriculture weekly report with new crops at four-year lows. Country selling end a lack of export demand accounted for declines in corn pric Rubber eased despite further talk of a 30 per cent. quota to be established by the International Rubber Resiriction Committee at its next meeting.
Poor April consumption figures were partially offset by hopes for improvement.this month. Monday's firmness in the sugar market on Cuban hedge lifting was followed by lower prices later in the week on disappointing London advices, Cuban end producer selling, with quota-lions at another new low. Constructive developments ili respect to quotas are anticipated at the July meeting of the International Sugar Council in London.
Prospects of extreme dullness during the summer months, some reports even going so far as to prediet a complete shut-down in June, July and August in the motor car industry, emphasized the seriousness of general business conditions, Subsiding labour unrest and the decisive defeat of John L. Lewis's CJO. fortes in the Fennsylvania primar Reports indicated that th: hevea distinctly encouraging features.
&eczgant en BU r be brought up m Congress. The Nova Pumcncion Bill was signed by the President but the Tax Bill still awaits his signature, The market in figures:
Thursday May 12 May 19 Change D.-J. Average for uhu BB 11855 11528 off 327 Average for 20 Rails 2348 2226 off 122 D.-J. Average for 20 Utilities 2024 1917 off 107 D.-J- Average for 40 Bonds 8837 8746 or 91 D.-J. 11 Com-Mmodity Index 48.77 4140 off 111
Commodity prices: Thursday may 12 May 19 Chicago wheat 78 Winnipeg wheat 12707. 105% Corn 5s, Cotton 3.06 Rubber 1216 Hides 9.60 Sugar 35
Busin Previous N.Y. Times Index 755 Sieci operations of capacity) 34 207 ie power pro- 5 ction (k.w.hrs.) *1,939,000 *1,968,000 Carlondings (carloads) 24100 331,000 vorago daily ai production (bbls.) 2,382,000 3,362,000 Automobile output 53385—47415 7000 omitted Stock Outlook: The inconclusive pattern of {he stock market makes for little short of mere guesswork. Some observers feel that a floor in prices is being estabished des; the gloomy sum outlook, and the market dullness ma continue for several months. T
Pennsylvania primaries ra 1 mean a decided shift in public cpinien which Washington cannot fail to recognise. Unquestionably, the' Governments huge spending programme and the mountainous excess reserves of the banks will have strong inflationary influences on business sooner or later. Momentarily the European situation appears better, but the unsatisfactory progress of the Franco-Italian conversa-tons is not encouraging and rumours of the resignation*of the British Foreign Secretary are unsettling. The. Sudetan Czechoslovakian situation continues to furnish a. disturbing undertone to European politics. Technically. the failure of the market to test the April highs may be the signal for a further decline, suggesting that visable, a cautious policy is ad-
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