By courtesy of Swan, Culbertson & Fritz Stock prices drifted steadily lower today as traders reduced holdings, pending developments in the European war. The market ignored favourable business news, including sub-seasonal decline in carloadings for the Labour Day week "and the sharp rise in private construction for this week to the fourth highest total for the year. The Copper Institute reported shipments during August as above expectations, which, according to the trade, do not represent actual consumption demand but reflected inventory building by fabricators.
"Today's action of market was unfavourable, but the lessening of volume on the further decline might provide a good buying spot. Standard Statistics estimated 1940 earnings of leading rails as follows:—Chesaj e and Ohio $5.00 per shat Delaware and Hudson $3.50 per share: Great Northern $470 per share; New York Central $2.00 ver share, Pennylvat Railway $2.75 per shi Southern Pacific $200 per
are.
and Southern Railway $3.15 per Carloadings (Assoc. of
Text read from the printed page and cleaned; old type leaves the occasional error.