By courtesy of Swan, Culbertson & Fritz Proft-taking brought irregularity after prices had reached their best levels since July. The business news was mostly favourable, Bank clearings for the week ended September 17 were the highest since March 1997. Total Engineering Construction Awards for the year to date are a new record and are 95 per cent of the total for all of last year.
By courtesy of Sun, Culbertson & Fritz After several days of dull irregularity, interest in the stock market suddenly revived late on Wednesday and a turnover of 500,000 shares during the final hour brought the day's volume to 890,000, the lardest since July. A gain of $189—the best for a single session in more than two months—carried the industrial aver-ace to its highest beware since July 28. Market leadership was greatly improved and the most heavily trad, issues consisted of the traditional as frequently fae frequently late. which has been hanging over the market and there were also rumours ae Tapan might withdraw from the Axis. Caution wes still evident. however, vending the result o? the German drives against Leningrad and in Northern Ukrdino ana ments in dent Roosevels—"shoot order and the policy of naval convoys ennowncet by Secretarr Knox. On Thursday the market narrowly irregular.
The commodity markets were under mild pressure most óf the period due {o fears of possible Federe] price control regulations but net losses were only a part of the gains during the previous week. Wool was the exception to the rule and reached a new high. Though August consump-Yon was estimated at 374113 bales, cotton eased on slackening mill buying and increased hedging. Wheat was affected by the weakness of the soya bean market. The rubber market reopened for the liquidation of outstanding contracts and more than Ba of these were covered the hrs day. The Bureau of Agricultural Economies predicts that Њe price of cottonseed oil may reach a 20 year high. The current hesitation in the upward trend of commodity Drices is generally regarded as only temporary inasmuch as the farm bloc 15 reported preparing legislation for entiney removing agricultural [commodities from the scope of the price control bill.
Steel operations continued near capacity despite a shortage of scrap and carloadings were of a new high since 1990. Electricity output and oil production mere also ahead of last year. By December, automobile pro-notion will be reduced to less than half of its Azure for the same month last year. The fact that less than $500.000000 has been spent of the $3,500,000000 let in contracts under the original $7.000.000.000 Lend and Leose appropriation and that President Roosevelt has asked for another appropriation of nearly $6,000,000.000, means that at least the industries engaged in defense orders will be actively occupied for a long time to (core. At the hearings held Yy the Committee in fe railway wage dispute, protherhóod spokesmen averted that their pay wes at leat per cent. below comparable industrial enterprises. It is not believed, however, that a wage increase of more {han 15 per cent. at the maximum wil be granted.
Text read from the printed page and cleaned; old type leaves the occasional error.