Improvements witnessed on the Stock Exchange today were mainly attributed to purchases by larger traders who took sizeable amounts. while the "little fellow" continued to buy and some foreign shorts covered. Favourable factors today included: Austomobile output showed a contraseasonal gain; the third advance registered by carloadings; steel scrap prices rising another $0.25; and, increasing wholesale and retail sales. Unfavourable factors were: Continued fear, of stock corrections, with the belief prevailing that the advance has been too rapid, and lagging wheat prices.
Reference is made in the directors" report to the satisfactory increases in sales at all the branches of this group, and further increases must naturally depend upon local conditions. In this connection the Manager in Buenos Aires reports "Everything, of course, depends on the next season's crops, but there is ne doubt that the position is mot se favourable as the past year. Neverthe-I consider that our business hav consolidated itself during the past few years, will show still further progress: during the present financial year Directors' Report Reference is made in the Directors" y of a recon-appoint ment as Chairman: on March 1 last, one of the financial papers an nounced that the appointment augured an immediate reconstruction The Board met the following day anc a notice was sent to the press tha the directors did not contemplate being in a position to submit, in the near future, a reconstruction scheme likely to be acceptable to all classes of shareholders, Chicago Wheat Market Chicago, July 1.
Wheat prices on the Chicago Board of Trade further declined irregularly during the past week, with the volume of trading sharply restricted. Unofficial estimates of the Spring wheat crop averaging 263,000,000 bushels and the Winter wheat crop 716,000,000 bushels failed to stimulate the market to any appreciable extent, although being some hundred millions of bushels below the forecasts of last month.
The progress of the harvest in the south-west continues to exert some pressure, while, at the same time, the trade is quite undecided about the outlook. On the one hand, there is the possibility of extensive rust damage in the north-west and prospects of a rising demand, owing to business conditions being generally improved. On the other hand, demand is cur rently very slack both here and abroad, while the huge surplus mu: still be reckoned with. An uninteresting trade market, therefore, coa be expected for the near future, pending clarification of the situation. Reuter. 3
Text read from the printed page and cleaned; old type leaves the occasional error.