N.B. The above figures include both English Bar and Indian Mint Silver. Reuter. ter tone was evident on Wednesday but easiness again developed on Thursday. Both the public and professional were largely absent from the market and activity was centered in low-priced and second grade issues with the usual market leaders almost entirely neglected.
March liquidation was responsible for the weakness in several commodities. Cotton was steady despite expectations of further loan stock releases and new Brazilian offerings but with trade covering about completed, an easier tone may develop. Despite improved exports from Canada and Great Britain, wheat receded because of rains and warmer weather in the Southwest, Rubber sagged to its lowest figure of the year but then steadied on Akron buying, Hides were especially sensitive to March liquidation but when this is completed an improvement is forecast. Sugar also declined under March liquidation while cocoa was stagnant.
Steel operations decreased for the seventh consecutive week but a slight improvement in new orders is reported. Retail automobile sales in February have been running more than 30 per cent, ahead of the corresponding month a year ago and the seasonal upturn in the industry may soon get under way. Crude oil output is running around 200,000 barrels a day above requirements and stocks of gasoline have reached a new high. Political factors rather than business considerations are regarded as the dominant market influence at the present time and the belief that President Roosevelt desires a third term was strengthened by his failure to have his name removed from the Ilinois primary. The New York State Government, however, went on record as urging that no President should seek office for a third term and Republican gains in the Ohio Elections were mildly encouraging.
And U.S. Said Barrier To Debasement Gold-mining operations proceeded last year at the fastest pace in history. For the seventh successive year the output of the metal reached a new high level, Preliminary figures place tht world's production at almost 40,000,000 ounces, with a value of about $1,400,000,000. This is an increase of nearly 60 per cent. over the 25,500,000 ounces produced in 1933, the last full year before the United States Government established the price at $35 an ounce. Almost every gold-mining nation participated in the increase. The output of the United States in that period was doubled, states J. H. Carmical in the "New York Times."
"Under normal conditions the increase in the world's gold output would have ushered in a period of great commercial activity. Such was the case after the discovery of the metal in California and later in Alaska and South Africa, Then, however, every important commercial country was minting gold and permitting it to circulate freely. Today, however, for the first time in modern commercial history, no nation is minting and distributing gold coin. Instead, this newly mined gold, together with a large part of the metal previously mined, is being accumulate ed rapidly by the United States Government.
Text read from the printed page and cleaned; old type leaves the occasional error.