irregular reflecting the decline on foreign markets and the uncertainty over farm legislation. Congress appears desirous of curtailing agricultural subsidies though it is reported that the Department of Agriculture will ask for a 12 loan on the new cotton crop. Wheat declined on lack of export demand and uncertainty over the eventual disposition of United States loan stocks, but later recovered partially on the probability of crop damage and of an intensification of European hostilities. Factory demand for rubber was dull and the primary markets reactionary, but fears of more aggressive German action against Allied shipping caused subsequent steadiness. The technical position of hides is considered to have been improved by the recent weakness but some new stimulus is apparently needed before a sustained advance can occur. Sugar was stagnant while there was heavy liquidation of March cocoa and considerable' switching to forward positions.
Steel operations declined about 6 per cent, and new buying is reported to be equivalent to only 50 per cent. of capacity. No increase in orders is expected in the immediate future though the automobile industry may do some purchasing during February. U. S. Steel earned $2.59 a share during the final quarter of 1939 but because of earlier deficits the net profit for the entire year was only $1.83 a share. The effect of Allied buying is shown by December export figure of U.S.$368,000,000 ing i the most favourable balance of trade for any month in the last ten years, Change average for Indust.—14629 off 1.06 off 3
Chicago Wheat Winnipeg Wheat A sagging tendency was displayed by stock prices throughout the past week with trading continuing abnormally dull. The contraction in industrial activity is probably more than seasonal and business is "Si back to the levels of last Noven.ber.
11.70 ne Be 2
Text read from the printed page and cleaned; old type leaves the occasional error.