On the Stock Exchange today sup-Port developed on each recession, with -the public" trading heavily. Ovetnight orders piled up, while spe-dolists found it very difficult in arriving at prices. Outstanding news today included: Cnostruction awards which, for the week ending June 30, amounted to $67,620,000, being 102 per cent. above the preceding week and 22 per cent. above the corresponding week of the previous year; the strength of copper and lead; the upward trend of Department Store sales; and, the growing confidence over business. However, business joans are not accelerating, while Bank clearings are moving downward.
By Courtesy of Swan, Culbertson & Fritz Following last week's spectacular advance in six consecutive sessions, prices on Wall Street Monday and Tuesday closed irregularly lower, as stocks were in supply. Trading quickly dried up on Tuesday when the turnover was the lightest for the current movement. Buying orders under the market readily checked declines. Investors, invest-brought prices down virtually to the day's lows, failed to attract any important buying.
Profit-taking and hedging reduced earlier gains in commodity prices as gauged by the Dow-Jones index. Outside buying was inclined to be cautious as cotton futures approached the 9 cts. loan level. The textile market was quieter. Wheat futures, both at Chicago and Winnipeg, moved lower in response to improved weather conditions, disappointing exports and the belief that in spite of some damage to the crop, supplies will be large. On heavy turnover rubber, after absorbing conside-able profit-taking, advanced to early March levels on Wednesday, stimulated by the activity of the security markets, light offerings and aggressive dealer buying. The sugar market was fea-tireless.
Readjustment of heretofore rigid price structures, indications that in-S9|ventories were gradually being reduced, and a better feeling on the part of motor car manufacturers, all Combined to improve business sentiment. Observers were encouraged by the price revisions of major steel producers, eliminating geographic differentials, together with the con-*|tinued rise in steel scrap.
If consumer resistance can be overcome and the demand sharply increased on the basis of the new prices, wage cuts may be avoided. The threatened %4 crisis of the railroads, which might have resulted in a nation-wide strike, has temporarily been averted by the action of the Railway Labour Board in postponing until July 20 the conference between the Association of Railroads and the Railroad Brotherhoods on the proposed 15 per cent. wage reduction scheduled for July 1. Under the present arrangements, there can be no change in the scale 4 of wages until the August 30, On Monday the Interstate Commerce Commission authorized the carriers to increase Pullman fares by 5 per cent. instead of 15 per cent. as requested.
The market in figures:
Thursday June 23 June 30 Change D.-J. average for 30 Industrials 12740 13388
D.-J. average for 20 Rails D.-J. average for
Text read from the printed page and cleaned; old type leaves the occasional error.