Stock prices turned irregular today on a lightened volume with several issues encountering realizing after having extended yesterday's gains. Selective buying forced some issues four points higher, while a few made new highs for 1989. Commodities also encountered profit-taking: wheat declined slightly and cotton moved about. $3.00 per bale lower, wiping yesterday's gains. Industrial statistics continued to be favourable. Today's recession was ascribed to profit-taking.
By Courtesy of Swan, Culbertson & Fritz After a downward trend for five sessions in which the rail average reached a new low since September 18, stuck prices recovered sharply Wednesday on the heaviest volume of trading for more than a month, The early easiness was attributed to the decline in steel operations, tax selling and rumours of new peace proposals from Hitler but was accompanied by a steadily decreasing volume of trading which was a favourable technical sign. The rally apparently represented belated response to the advance in commodities and recognition of the generally good business outlook.
Commódities displayed sustained strength and reached even higher levels than those of early September just after the outbreak of the European war before reacting Thursday on profit taking and the touching off of stop-loss orders. Wheat advanced as much as 4 cents a bushel on Wednesday. The dryness in the Winter and Spring belts continues and there are fears of dust storms so that the coming crop and carry-over may be only slightly above domestic needs alone, Cotton reached new highs in response to good trade and foreign buying. Loan releases are below expectations and activity in the dry goods trade continues at an excellent rate. Rubber was strong on good commission house, factory and Japanese absorption of actuals while apprehension as to shipping facilities from the Far East helped distants. With packers reluctant sellers, trade and commission house demand forced hides also upwards. Good consumer, manufacturer and commission house buying caused strength in cocoa, Steel operations decreased for the 368/- 3685. Usome advances being nrc eva wise the business news was generally second consecutive week but other-
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