Reynolds Tobacco "B" Richfield Oil Corp. Safeway Stores Sehenlev. news.
United States Government bonds reached record highs today but other bonds declined.
Traders ignored favorable news as motors, steels and rails were the hardest hit Many stocks declined two or mere points, Douglas Aircraft and Chrysler lost 2% points, coppers retreated from fractions of a point to a point and US. Steel reached a new low of 108%.
{Wall Street hears that the price structure will meet a test within the next few days.
Argentina will add $8,000,000 to its 1939 American automobile orders, it is understood.
"Columbia Pictures probably will show a deficit far the current quarter.
Youngstown Steel may pay 35 cents per share for the first half of this year as compared with one cent last year.
Buying interest continued cautious today and light selling appeared.
Wall Street remains ever hopeful that something will remove the market from its lethargy and looks for aid from the automobile industry which often on previous occasions has provided the necessary impetus.
Auto manufacturers, it is understood, want to display 1940 models at the San Francisco and New York fairs. This would mean that the new models would have to be off the assembly lines in August:
The change-over would come in July, thereby boosting the tool and die industry and providing early orders for raw materials.
Wall Street hopes the new models will make up for the loss of business this spring and stimulate other lines.
Favourable market factors today included L The Senate is reported to favour tax revision.
2 Expansion of Federal loans to Automobiles are expected to change models m July.
4 The Bureau of Agricultural Economics forecast imp: business this summer.
Among the unfavourable factors 24 were these:
1l. The continued uncertainty of the European situation.
2 Chartists expect a test of April lows.
3. The American stock decline on the London market.
4. Indications of a further decline in car loadings—United Press.
Texas Corn.
Texas Gulf Sulphur Transamerica Tw. Century Fox 205% Un. Carbide & Carbon T% Un. Pacific 9 Un. Aircraft Un. Air Lines Trans. 5 2
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