By courtesy of Swan, Culbertion & Fritz Pressure on the Stock Exchange somewhat relaxed today, with the Street construeing the American protection of French vessels in United States ports favourably, Most business news continues to be cellent rail earnings and steel operations are maintaining their upward trend; carloadings for the week ended May 10, touched the year's high; rubber con-was a record; and, retail trade is ruling from 13 to 18 per cent, above year ago.
By courtesy of Swan, Culo tsen & Fritz Fears of further labour troubles and the confusion created as a result of Hess's flight to Scotland arising from nent, caused averages during the Current period under review. The et on Monday was unwilling to follow Saturday's rise in the face of rou awareness of the pos-of near-term critical developments, especial 1 the intensification of the German air attacks on England. The strength of coppers was said to reflect the tightening domestic supply situation. The flight of Rudolf Hess, German Deputy Fuehrer, and the postponement of the scheduled Presidential speech, were viewed favourably although price changes on Tuesday were minor, The significance of the Hess developments was considered too obscure. Fears of labour disturbances in the railroad and coal industries depressed the market on Wednesday. It was calculated that the impending demands of railroad workers would increase the annual railroad bill from 5 per cent. to 15 per cent. Oils were firm on reduced stocks, and reports that Texas and Mid-Continent gasoline prices were higher. The market weakened considerably on increased activity on Thursday, following the Vichy &nnouncement apparently preparing the French public for closer collaboration with Germany.
Commodities, as gauged by Dow-Jones 1l soared to new high levels for the year, as the Senate, by practically a unanimous vote, approved the 85 per cent. parity bill, which now goes to the President for signature. This means a price of about 96 cents on the farms for wheat, and $1.06 in Chicago. Figures for corn are about 70 cents on the farm, and 76 cents in Chicago, while those for cotton are about 13% cents on the farm. and 14 cents at ports, Consumption of cotton during April is estimated at 935,000 bales, a record. The strength of lard, which touched 10 cents per pound. and the strength of hogs, improved the outlook for corn prices. Meanwhile, the Government has warned the Commodity Exchanges of the possihility of closing unless measures are taken to prevent excess speculation in vital foods and clothing materials. Rubber futures were strong. although there was some prot taking on the likelihood of increased freight space, slight demand for actuals, and ruincurs of increased margins. Hides reached the 15 cent level on broadening demand, although there was some hesitancy owing to the possibility of contro] measures over speculation. There was active buying of sugar No. 4.
According to the steel magazine "fron Age." the demand for this product is unprecedented, although new bookings are somewhat lower owing to the possibility of compulsory priorities in all steels, inventory control, and the fact that mills are mostly booked up for 1941. A cut in the auto mobile production of 1942 models by 40 per cent. is contemplated. Gaso-Vine prices are ruling at the highest
Text read from the printed page and cleaned; old type leaves the occasional error.