Points out that the four to twelve points recoveries from the January lows and the speculative ferment in aircrafts are not portents of liquidation.
"While steel operations are down twenty points since January 8 to 60 per cent. of capacity, United States Steel shares are off only 1% points net and the steadiness of stocks during the past three weeks are symbolic of the gradual completion of readjust-
Notes, 59% Honan Rly.
5% Hukuang Rly.
(GI 2% Lung Ting U. H. kly. 13 5% Shai-Nanking ly. 20 Séo T'sin-Pukow Rly. B. 13
[A G. 13
5 n" n (Supl. Loan) B. }3 5% " " (Supl. Loan) G. 13 S¢¢ Canton-Kowloon Rly. 15 nai Elec. Construction 15/- S'hai Waterworks "A" 16 Un, Insur, Soc. 28 Chartd. Bank of L A. &C. 9% H. & S. Bank (Ldn. Reg.) 9312 CoL Reg) 92i Mercantile Bank of India 1254. Chinese Eng. & Min. 18/6 Chosen C" 9/6 6 Pekin S; icate 1/6 1/6 Gula lumpong Rubber 21/1012 21/101;
Text read from the printed page and cleaned; old type leaves the occasional error.