London was the biggest seller in the market on recurrence of the unsettlement in Europe. European fears were attributed to war scares and defense measures of sterling which were reported to include pressure against United States security purchase loans.
The most encouraging technical sign was the failure of prices to decline during the volume selling on Tuesday.
The business improvement has nct been accompanied by the piling up of inventories, in which connexion the status of the steel, automobile and textile industries is better than last summer.
Automobile sales do not indicate any serious January let down.
It is premature to appraise the form equipment outlook, but a 10 per cent. sales gain over 1938 is being budgetted.
The market is showing definite signs 4 [of "selectly: ud is reflecting the irrepressible pace of rising profits With excess reserves at the peak level of $2,600,000,000 and a yield of 2.80 per cent. on high grade bonds, we cannot find fodder for liquidation to cause a true bear market. The odds are against cash as an investment, especially with the normal swing of revival less than two months away.
Text read from the printed page and cleaned; old type leaves the occasional error.