a lo herem H'&S. Bank (Ldn, Reg.) 85 Chinese (Col. Reg.) 86 Eng. & Min. 21/- Eh liquidation, chiefly due to the money case, private refinancing at sharply owered rates and the Government's five-year note issue at the lowest cost et recorded, testify to the pressure of idle money seeking an outlet, Business news is more reassuring than it seemed possible a month ago. However, business recovery and the profits curve, comparable to that of the second half of 1938. are still un-discernable.
If the market within about a fort-right fails to develop real weakness, especially in steels and oils where the earnings outlook is completely discouraging, and, if short selling. remains the main market depressant, the probable conclusion is that liquidation cannot be forced into the open, but that the buying urge is likely to be confined to the consumption goods industries, Barron's Index, adjusted for trend, is placed at 68,3, Unless news or developments are received of a market character, we expect a continuance of the recent action, Nomina g 19/445
Text read from the printed page and cleaned; old type leaves the occasional error.