New York, July 28.
Prices on the New York Stock Exchange were hesitant today and developed no definite trend. Cheering business news and encouraging second quarter corporate reports failed to induce new buying. Intermittent attempt to rally disclosed a lack of buying interest, Late in the session the trend appeared to be irregularly lower. 1 There was no concerted selling pressure but there was sufficient profit-taking to force" some of the leaders a point or more below mid-session highs.
The Bethlehem and General Motors corporate reports had little influence on prices, Bethlehem drifted a half point lower, as did U.S. Steel. Both had gained earlier in the session General Motors held a quarter of a point higher but most rails most nar-Towly. Utilities were firm.
Wall Street hears that American Chain and Cables 1939 earnings will be double last year's Midland Steel also will almost double last year's earnings of $245 per share.
Cluett Peabody's earnings for the last half are expected to surpass the first half. Investment counsellors are recommending rayon and cotton textile stocks.
Some experts. anticipate further gains to test highs next week. The market ignored the abrogation of the Japanese-American Treaty of 1911, believing it to be only a manceuvre to check British concessions to Japan. Traders believe a new treaty will be drafted within the next six months.
Meanwhile, it is expected, Japan may increase her purchases in the United States to off-set the effects of a possible embargo after the notice of abrogation expires.
Favourable market factors includ-
1. The continued activity of wholesale trade, 2, "Shipments of fabricated structural steel in June were the largest of any month in two years.
3. The contra-seasonal expansion of Federal Reserve member banks Commercial loans which have reached the highest level since last November.
4. The Bethlehem and General Motors corporate reports were better than amticipated.
Among the unfavourable factors were these 1. Trade uncertainties. production.
3. A further decrease in automobile production.
3. The international situation.
4. "The deadlock in the General Motors strike—United Press.
Text read from the printed page and cleaned; old type leaves the occasional error.