Stock prices ruled firm today a session of dull trading. Special issues were featured by a show of strength. although they moved narrowly for most of the session with the undertone firm. An investment demand for Norfolk and Western was noted, with the issue jumping 2% points. Aviations were strong temporarily, owing to the belief that Governments will soon increase orders, but later quietly receded. Railroads were sustained, due to favourable earnings reports and also to the under-seasonal decline in carloadings. Business was generally restricted in the market, owing to the approach of the Christmas Holidays on Monday.
By Courtesy of Swan, Culbertson & Fritz Irregular price movements and relatively small turnovers have again characterized the New York stock market and the net results of the week's trading are almost negligible changes. Foreign liquidation and tax selling continued but were well absorbed though buyers remained cautious and many traders were on the sidelines in view of the approaching holidays. Bulls are still hoping for the usual year-end rise while bears believe that the fundamental trend of the market is downward.
Commodity prices reached on Monday their highest level since September 1937 but appeared in a vulnerable position inasmuch as they had risen more rapidly than recent changes in demand and supply warranted. Profit-taking which touched off stop-loss orders caused a reactionary trend on Tuesday and Wednesday. The drought in the Southwest wheat area is unrelieved though some moisture is reported in the Northwest. Crop prospects are regarded as poor with a decided lack of sub-soil moisture in the Spring wheat area. The easiness of the Liverpool and Bombay cotton markets was reflect. ed in New York where the recent strength is said to have brought out from 300000 to 400000 bales in releases from loan holdings. Offerings of spot and nearby rubber were freer. Hides were supported by increased activity in the leather industry and by good export inguiry dor shoes The former import duties on sugar have been restored though the question of quotas remains unsettled.
Industrial activity continued at an excellent pace; in fact, after allowing for seasonal trends, "at the highest level in history" according to the, Bureau of Agricultural Economics. Electricity output reached an all-time high and the automobile paper and machine tool industries are all doing better than average. Steel operations, as expected, declined for the third successive week. It is reported that sident Roosevelt in his budget ge may recommend higher taxes but any such action by Congress in a Presidential campaign Fear is considered improbable.
Text read from the printed page and cleaned; old type leaves the occasional error.