By courtesy of Swan, Culbertson & Fritz] Ba Shanghai, July 31.
Contrary to its behaviour previously this month when it had opened each new calendar week with 12 good advance, the stock market registered a slight loss last Monday, suggesting that the accumulation of news over the week-end was less con~ structive than it has hitherto been recently. The irregularity continued on Tuesday while traders awaited the U.S. Steel Corporation's. second quarter earnings report to be made public after the close of the market. Tk was subsequently announced that the company had earned $243 per common share during the period, closely in line with expectations, bui though all dividends in arrears on the preferred were paid up to date, the failure to make any distribution onthe common was rather a disappointment, Profit-taking and relwetance on the part of traders to follow up the recent advance resulted on Wednesday in the widest decline the market has suffered yet this month. The volume of trading diminished, however, on the reaction, Indicating that there was no wide- Bice: Boat Ca, spread pressure to sell and on Thursday industrials rallied though rails and utilities continued to decline.
The Dow-Jones commodity index sglosed on Thursday to within a fraction of a point of its low for the year Jdue to favourable crop prospects which caused weakness in wheat, corn Jand cotton. After a break on Monday, wheat rallied due to a revival of Jexport demand and drought complaints from the Argentine.and Australia. The decline in corn quotations from 62 (Dee, delivery) at the beginning of the month to 70 on the 29th apparently represents a @iscounting of the excellent crop out-Took. Cotton was dull with operators awaiting the Government estimate due on August 9. Rubber ruled irregular on the belief that producers would be able to fil the 90 Lac per cent, quota for the last half year. Sugar held steady with prospects of some legislative action at this session of Congress even though it may be only an extension of the Jones-Costigan Act.
Business activity as measured by the "New York Times" composite index reached a new high for 1037. Steel operations improved despite continued labour troubles and the demand for serap indicates that the bottom of the summer recession in the industry has possibly been already passed.
The market in Agures: uly uly 29
Text read from the printed page and cleaned; old type leaves the occasional error.