By courtesy of Swan, Culbertson & Fritz Shorts covered today in anticipat tion of President Roosevelt's speech,
turnover. Rubbers moved up with prices advancing on a fair dications of the situation in be Orient improving.
By courtesy of Swan, Culbertson & Fritz After early selective firmmes, fea-sues, stock prices turned easy mih tured by the strength of aircraft 18.
profit-taking appearing recent favourites and on Wednesday suffered their widest decline since August 15. Only a part of these losses were recovered on Thursday. Traders were cautious pending President Roosevelt's radio broadcast on Thursday night and were inclined also to await some clarification of. the present negotiations with Japan.
The sinking of two American shins and the unfinished tax bill were additional deterrents to confident buying. Fluctuations were selective end at one time or another armament stocks, air transports, rubbers and Cuban sugars were in demand. Favoured individual issues included American Foreign Power pfd., U.S, Rubber corton and preferred nnd International Nickels. Rails were under pressure due to the strike vote by the brotherhoods but no strike can occur until at least 30 days after the C‹ mission being appointed to investigate the wage dispute has made its report to President Roosevelt.
Trading was fairly active but was inly confined to low priced equities with the market leaders rarely appearing in the daily lists of the most active ten stocks. Tuesday's turnover of 870.000 shares was the largest since July but International Telephone Telegraph accounted for nearly 10, per cent. of this volume due to rumours, later denied by the company, that its Spanish properties were going to be sold to the Spanish Government.
On Tuesday new highs were estnblished by the Dow-Jones 11 Commodity Index and by wheat, corn, rye, cotton, cottonseed oil. lard ani No. 4 sugar but on the following day all commodities broke on the warning against inflation uttered Secretary of the Treasury Morgen-than. To combat the tendency to-proposed that" Government holdings of wheat and cotton might be released and that restrictions on wheat imbanks might be increased and traders recalled that the last time this was done—back in 1937—a severe recess sion occurred on both the commod-Hy and security markets. Traders were skeptical. however, that Secre-woul and on vould be followed and op Thursday prices rebounded. The Government estimate of a 10,710,000 bale cotton crop was larger than had been expected but was ignored by the mar-
War Loan (Red)
Loan 1 10634 10112 speech attention At the final bell, 8% from 1% to 1% cents were Pec.
Mar. May July N. Y. Sugar No. 4 Chicago Wheat Sterling Loan, 1907 27%; 6%, Sterling Loan, 194 29
Text read from the printed page and cleaned; old type leaves the occasional error.