Stock prices moved irregularly lower today in a session of dull trading. The speech of Colonel Joseph Beck, the Polish Foreign Minister, was interpreted favourably by many quarters and resulted in temporary firmness. However, traders turned Ggutious later and lightened their commitments, which is the usual weekend practice. The soft coal situation is having a depressing effect, as is Ward's report which shows a decline in automobile production. Nevertheless, prices recovered their earlier losses near the close and ruled around the previous final levels. The tendency of the market was steady, but the volume of business passing continued to be light.
Courtesy of Swan, Culbertson & Fritz "With a slight but gradual easing of European tension, indueing the belief that the outbreak of war' in the immediate future was unlikely, the security market cautiously but steadily advanced during the period under review. Domestic business indi-cies continue mixed, with declines recorded in steel operations, automobile production and electricity output; while car loadings, average daily Sil production, demand deposits and monetary gold stocks advanced. The 175: Department of Labour's Wholesale Commodity Index advanced fractionally to 76.1 from 76.0 the previous week in contrast with 783 for "he similar period the previous year. The New York Times Index of business activity also improved fractionally to 86.4 against 86 for the previous week and 75.1 for the corresponding period of last year. Activity in the most important fields was reported as follows: Previous Latest Set capacity s 418 eel Operations; See power Pro. 000 0900 duction kw. hrs. *2,199,000 "2,182,000 Average Dally. Oil Production- barrels 3,527,000 Automobile Ohtput Demand Deposits Brokers: Loan £547,000 502000 Gold Stocies 15,714,000 *15,801,000 "t0 "omitted While there were erratic fluctuations during individual sessions late last week, both before and after Herr Hitler's speech on April 28, there was suf little change in closing prices, as measured by the Dow-Jones Averages. The markets resistance to adverse political news at that time was impressive and liquidation of substantial proportions was conspicuous by its absence. Monday's market was ex-romely dull and inactive, reflecting an almost entire absence of public interest, with price changes negligble. Indicative of the tendency of traders and the public to await now developments was the very small turnover of 280,000 shares. Influenced by the better tone of European mark-"ts and encouraged by the prospects of favourable Washington developments in respect to tax revision and Susiness encouragement, a moderate rally was initiated on Tuesday, with volume increasing and prices generally improving from one to two points. This rally was continued on Wednes-ay, with the market moving forward over a bread front, advancing 298 points, as measured by the Dow-Jones Tndustrial Average. In the absence 5f disturbing developments from Europe, more attention was shown to favourable domestic business news. Volume increased on the advance with 740000 shares changing hands, the largest turnover since April 13.
n Thursday, prices early declined jue to the resignation of M. Litvinoff. Soviet Foreign Commissar, but later in the session recovered equilibrium in the absence of selling pressure, and he market closed about unchanged.
The range of the three Dow-Jones Averages was as follows April 27 High for the win- 20 dustrial Rans 193 2003
122.30
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