By courtesy of Swan, Culbertson & Fritz The turnover on the Stock Exchange today was fair, with profit taking offsetting an increased investment demand for high priced preferred steels. Traders were encouraged by the rise in carloadings to the highest level since November 4, favourable August earnings estimates for railroads, steadiness of the London market and construction gains. Lockheed Aircraft announced that it expected to produce four planes daily by October. Dun and Bradstreet reported further improvement in general business in the New England area, with industrial activity strong.
Stocks:—Curtiss Wrigi mings Wright net earnings 14/9 Carloadings (Assoc, of "Amer. Railroads) 804,000, 695,000 cars Cotton:—Ruled steady on trade buying and short covering in distants and a further scarcity of hedges, attributed to diversion to the loan.
Wheat:—The market was steady but featureless, Flour export to China has been reduced to $0.20. Sales of 75,000 bushels to Russia are reported.
Corn:—Quiet and easy conditions prevailed.
Rubber:—Trading was featureless.
Hides:—The market is finding it to further advance at the packers have with-Sugar No. 4:—Stagnant, By courtesy of Swan, Culbertson & Fritz Because of the failure of the German invasion of Britain to develop, together with encouraging domestic business news, the New York stock market presented a more cheerful appearance during the current period under review. Traders re-established long position, especially in "war babies," which were the best performers. Turnover, however, remained extremely light. Encouraged by the success of the British resistance and counter-bombing stock prices in the opening session of the week gained from fractions to over, a dollar, but the volume of buying was negligible, as the market continued predominantly cautious in the face of the daily possibility of decisive developments. On Tuesday, was another slightly upward tendency, especially in the heavy industry and aircraft groups, as increasingly favourable reports were received concerning the high rate of industrial activity. Still further gains were recorded at mid-week, reflecting the mounting feeling that the threat of an invasion of Britain was decreasing, together with the growing evidence of excellent 1940 earnings plus ever increasing backlogs. Increased investment demand Thursday was partially offset profit taking.
The better behaviour of the stock market was reflected in commodity prices. which registered some improvement. With the principal market factor the continued entry of large amounts of the new crop into the loan, suggesting a gradual but substantial tightening of the cash markets, wheat futures at Chicago moved higher. Despite the reduction Japan's Foreign Trade Favourable Balance Tokyo, Sept. 20.
Japan's foreign trade during the second ten days of September registered a favourable balance of Y.8,668,000, with exports aggregating ¥.88,857,000 and imports Y.80,189,000, the Finance Ministry announced today.
The. total amount of exports since the beginning of the year exceeded that of imports by Y.274,167,000, it also was announced.—Domei. of the Winnipeg minimum prices, only a small percentage of futures was offered and placed. Corn ruled easy. Cotton futures gained. The Government weekly report was favourable, and private check-ups indicate a large yield per acre, suggesting that there will be a big crop. Quiet but steady conditions prevailed in the rubber market, where increasing finished inventories and disappointing replacement business are tending towards caution, Sugar ruled stagnant, Last month the Federal Reserve Board index of industrial production rose 2 points over July, when the index stood at 121. Steel operations at 929 per cent. of capacity have reached the highest level recorded since November 1939, with the magazine of the industry "Iron Age" reporting that producers are now concerned about a possible shortage of raw'steel since the full impact of the defence programme is not likely to be felt until the first quarter of next year, Republic Steel has declared a dividend of $12 on their cld preferred, clearing up arrears in full. However, officials of the corporation state that the purchase fund obligations remain before a payment on the common stock is possible. U.S. Steel Corporation is planning a $40,000,000 armour plate expansion programme. August machine tool operations improved 5 points, and bookings are indicated to be exceeding shipments. "Westinghouse Electric earnings for 3 months ending August 3l, are calculated to be $1.80 a share against $120 for 1999. Industrial workers income for 1940, according to a recent survey, are at the 1937 peak. E. L Dupont de Nemours has contracted to operate a $14,000,000 Government T. N, T. plant, according to a late cable despatch.
Text read from the printed page and cleaned; old type leaves the occasional error.