By courtesy of Swan, Culbertson & Fritz Steels led the stock list higher today after the market had been subjected to further irregularity and some short selling. Fewer offers marked the session. Leading Chain Stores for the month of August were 14 per cent. ahead of last year, the best showing in several months American Car and Foundry and American Locomotive were reported to be receiving additional large United States Army order for tanks and other war material. White Motors received a $34,000,000 Army order, the equivalent of more than the total sales-of 1939.
Stocks:—The improvement one of the market prior to the week-end enhances prospects of a further recovery next week. The Times Index of business activity was 1085, against 1072 last week and 101.1 for the corresponding period of last year.
Cotton:—The possibility of further curtailment of exports, due to the recent Far East developments, increasing hedges and attainment of loan prices are believed to be restraining influences against a further material advance at present.
Wheat:—scarcity of free supplies continues to be the chief sustaining influence 158,000,000 bushels were in the loan up to September 25.
Corn:—Settlement of the 1937-38 loans have been extended to October 31.
Rubber:—Broadening. interest was attracted by the Far Eastern situation and possible interference of shipments, The market looks as if it will move Ruled firm. Chief factors in the market remained unchanged. ployment situation, according to In April, 1939, says the bank, 473,- 000 wage earners were unemployed; this was an increase of 36,000 over the same month of 1938 and of 66,000 over April 1937. It is estimated that, as of April, 1940, this total of 473,000 had been reduced by 106,000 to 367,000. "This constitutes the smallest labour reserve reported for the month of April in a decade.
Expressed in percentages, 13.5 per cent of the available labour force was unemployed in April 1940, as compared with 17.8 per cent. in April, 1939, 16.5 per cent. in 1988, and 15.7 per cent. in the same month of 1937.
The estimated number of employed wage-earners in April, last, was. 2,353,- 000, as compared with 2,383,000 in April, 1929, but on the basis of the
Text read from the printed page and cleaned; old type leaves the occasional error.