In order so forestall any acute shortage of tin, the International Tin Committee on Sept. 1 advanced the quota rate from 45 per cent. to 60 per cent. of standard tonnages and subsequently to 100 per cent. near the end of that month. In terms of New York, Dec. 26.
Prices on the New York Stock Exchange closed irregular today within a narrow margin with most leaders registering a slight decline.
Wall Street was cleaning up odds and ends and clearing its books for the New Year.
Further tax selling was planned, but it was anticipated that some might reinvest their funds, Wall Street sizes up the future about as follows:
"Things certainly cannot remain as bad as they are forever. Surely the markets cannot get much quieter. Therefore, it seems the next change, which probably is not far off, will be toward greater activity."
"While Wall Street expected to reduce its personnel again at the beginning of the New Year, it is not re-Gucing pay or efficiency.
According io experts, the new methods of fast handling of orders being adopted at brokerage houses is being modernized 4i|in many instances.
Although little pressure was evident anywhere, oil and coppers cased Chemicals were mixed. There were slight declines in rubbers. Steels were steady, while motors were mixed.
The warning of Mr, Harry L. Hopkins, Secretary of Commerce, against relying too heavily on war orders, increased caution on Wall, Street. Sugar registered gains after the restoration of the quotas by Presi" dent Roosevelt Gains ranged up to more than a point—United Press, production this represented an increase of 8,036 tons monthly by the countries in the international agreement. Recently the committee fixed the quota in the final quarter this year at 100 per cent. of standard tonnages and announced that the quota for the first quarter of 1940 would be fixed at a rate not less than 60 per cent.
Reflecting the increase in the quota, shipments of tin from, the Straits Settlement in October amounted to 14,874 tons, the largest in history, compared with an average of 5,776 monthly in the first nine months of this year and 5,458 monthly in 1938. Total shipments from all sources in October were 19,193 tons, while the monthly average for the first nine months of this year was only 8,019.
Although tin had a rather spec-facular rise soon after the outbreak of j the European war, the spot price for the Straits metal here currently h: become reasonably stable around 55 cents a pound. after establishing high level of 70 cents in September. On Aug. 30 the price of Straits tin here was 48.75 cents a pound. The average price last year was 4228 cents a pound, compared with 5424 in 1937 and an average price of 56.64 for 1925-29,
Text read from the printed page and cleaned; old type leaves the occasional error.