It would appear to be unwise to attempt to read much significance in the past week's movements, as the volume of trading was the same during the strongest and the weakest cays. President Roosevelt's ringing message, demanding preparedness, failed to kindle any enthusiasm, despite the warning against any sudden curtailment of "pump priming."
The chief item of unsettlement was the reaction in aviation shares, Which, however, did not cause any serious alarm in view of the rapidity of the advance and the probability of the. ever-bulled condition of this group in advance of the Armament Programme. The trimming of expenditure in the regular Army and Navy budgets caused disappointment, which may be alleviated by the special message on Defence this week.
Substantial liquidation for tax purposes and, by insiders does not seem to be a deterrent to a rise in security prices although there may be increasing floating supply of stocks. How-eyer, what tends to make for appre-
Text read from the printed page and cleaned; old type leaves the occasional error.