In view of low current earnings and the improbability of any sharp improvement in business, the stock market is more likely to drift lower in the immediate future than to stage any sustained advance. A testing of the recent lows established on March 31 is quite possible, but the small volume of trading accompanying ecent declines affords some basis for hoping that- these resistance levels will not be penetrated. A cautious policy still seems in order and purchases should continue to be made only on acute weakness.
Text read from the printed page and cleaned; old type leaves the occasional error.