Shanghai. July 3.
A new low for the market as whole since July 8, 1936 was established on Monday though in us trials refused to.confirm the weakness of rails and held above their lows of June 14. Thereatter a better tore was displayed and on Wednesday stocks staged. their best rally In more than a month with these gains extended slightly further the following day. The volume of trad-{ing failed to expand on the advance, however, suggesting that the rally was largely technical and the result of short covering rather than the Deginning of a sustained upswing.
Commodity prices as measured by Dow-Jones index were at their 19. Wheat remained primarily a weather market, advancing on sensational reports of moisture deficiency In Canada and rust damage to both the winter and spring crops, then Feacting on cooler weather with rains in Saskatchewan and expectations of large yields in the Southwest, and finally rising the full limit on Thursday due to Canadian crop reports and the strained relations between Russia and Japan. Corn improved in sympathy with wheat and Argentine offerings were well absorbed. The dpe cotton market is at a stalemate, refus Ing to be affected by bearish news while the excellent crop outlook discourages buying. Rubber eased on:360 the announcement that some of the large factories were contemplating a two-week shutdown for inventory taking but Jater rallied on good buy-Sugar fluctuated "narrowly and!
gain found the 1.25 figure an insurmountable barrier, Indications of vho seasonal Jul in business are beginning to appear though the industrial outlook is still much better than the current weakness in stock prices would indicate. The steel strike! which involves 100,000 workers continues deadlocked and federal. mediators admit that. thei efforts have been unsuccessful, Th use of violence by the strikers is [turning public opinion against them. lhe political situation in Europe is less tense and unless new incidents Joceur in-connection with the Spanish [Civil War, there seems to be little Jdanger of international aiiculties. [The French financial crisis involving the devaluation of the frane and the Jelosing of the Paris Bourse appears to [be passing off satisfactorily with little repercussion on other markets, The Market in Figures:
Thursday june duly 1 Change Industrie' 17008 17013 up 08 D.3. Average for pig. Average for '29 Maite S15 5148 off 167 a pai 2639 2880 up Stock Outlook: While the decline the stock market over the last several months is unanimously re-Jgarded.as"only a corrective reaction
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