The Boston market digests the flashy rise of a month ago in a calmer appraisal of the future. The long period of dullness strengthens the underpinnings.
In the light of bright business prospec's and until cash seems prote; able to equities, stocks are still in a broad uptrend. The speculative peace bogey has gone.
There has been comparatively little war buying of war materials since Labour Day, but business indexes keep rising. Staying out of war we prosper and escape wartime regulation and taxation. An added stimulus is our 1940 rearmament programme of $1,000,000,000 for the Army and '$2,000,000,000 for the Navy.
It the War Embargo is repealed, big British and French orders are inevitable. Even if they pay off in securities as well as by the use of gold reserves, such liquidation is better for us in the long run than being paid all in unproductive gold.
European selling in General Motors has dried up.
Text read from the printed page and cleaned; old type leaves the occasional error.