Prices after opening fairly steady declined towards the close on profit-taking and liquidation influenced by the C.LO, statement. The Iron and Steel Institute estimate places steel operations at 28.7 per cent. of ca paci registering an advance for the third consecutive week. The rise in export copper is interpreted as presage ing an early advance in the domestic price, Lumber production and new orders are increasing. Unfavourable factors today included; advertising is moving lower; the Spanish situation is more critical; and, there are expectations of a technical correction to tocks.
By courtesy of S, E. Levy & Ca.
The prominent participation of European interests in short-covering started the rise, the bulk of which was done in General Motors and Dupont. Several investment trusts bought at the market, One rather speculative interest bought $1,000,000 worth of stocks, which consisted mainly of Montgomery Ward.
The explosive character of the volume and rise are unhealthy signs, indicating the possibility of market factors having been overdiscounted ioo soon. A sustained rise needs the buying of the business man, which is still absent despite the improvement in the outlook.
Utility leaders are doubting the ce-operation of Washington, while
Text read from the printed page and cleaned; old type leaves the occasional error.