London, Sept. 26.
Rubber futures early ruled quiet, but later turned easier on a lack of London Rubber: Spot buyers 10, sellers 11%—%. Oct. del. buyers 4 Loverpcol Cotton Closed.
London Metals: unreceived—Reute the former resistance area, the day's minor reaction might logically be attributed to precautionary selling which, however, failed either to attract an important following or disturb the firmness of the market undertone. At midweek, prices early in the session drifted lower, but thereafter resisted further downward adjustments. Just before the close Wednesday, leaders rallied, with many registering final gains. Uncertainties over political problems and growing tension between the United States and Japan offset favourable domestic developments Thursday.
Commodity prices cofitinued to improve, and by Wednesday, the Dow-Jones 11 commodity index stood at its best level since late June. Wheat futures at Chicago ruled firm, reflecting the strength in The securities markets and the scarcity of free supplies. Profit taking in corn futures was absorbed by buying on the possibility of weather damage. Offerings were light, and the early easiness gave way to a sharp advance, when bidders found that contracts were not pressing. Subsequently, freer country offerings erased part of the gains. Cotton advanced on short covering and small hedging in expectation of light tenders, together with reports of a large diversion to the loan. Firm conditions prevailed in the rubber market en better factory interest and continued apprehension of possible interference to shipments.
The magazine "Iron Age." in their current issue, states that freight car purchases during the past week the largest in a year. Also, that there has been an increase in automobile steel specifications. Estimates indicate that the Defence Programme will require from 750,000 to 1,000,000 tons of reinforcing steel during the next 18 months. United States Steel operations are currently placed at 96 per cent. of capacity. It is calculated that carloadings for this week will amount to 815,000, a new record for the year. Net operating income for the first twelve railroads reporting for the month of August was 32 per cent. ahead of July, and 12 per cent. ahead of August 1939. Curtiss Wright hàs been awarded a Government order amounting to $94,000,000, and a late cable report states that the backlog of Douglas Aircraft is now approximately $400,000,000 after the receipt last week of a Government order totalling $25,000,000. ruk Marker ly FIGURES
Text read from the printed page and cleaned; old type leaves the occasional error.