By courtesy of Swan, Culbertson & Fritz Stock prices advanced irregularly today on a light turnover due to technical considerations. Caution is still strong, while business news included: higher retail trade than the corresponds rd eel output nths; a automobile output me sources, hi lieve that a fight is looming on the proposal to extend President Roose-volts devaluation powers. Traders are revising estimates of earnings of Southern Pacific upward By courtesy of Swan, Cuthbertson & Fritz Under the leadership of rails and oils, stock prices on Wall Street düring the current period review advanced moderately. The improved technical position of the market, aided by the strength of commodities, caused one of the broadest movements of the on May 6, following which profit-t ing came in owing to war and tax certainties. The slight rise on Monday was aided: by the early strength of steels on the announcement by the Iron and Steel Institute estimating an advance of 2.5 per cent. in operations for this week over the preceding period, Rails, however, were the most active group, as traders anticipated a sharp rise in car loadings this week as a result of coal moving from the mines to industry. On Tuesday the market showed the best single day advance since March 10, with new highs in oils and rails stimulating other sections of the list. The diversion of inter-coastal water traffic to the railroads was cited as a good indica-for for the purchase of rail equities, while the demand for oils was induced by possible business for the British as a result of the Iraq trouble, The turnover amounted to 910,000 shares, the largest in over a month. e implications of Col, Stimson's speech regarding United States naval conveys, and the uncertainty regarding the Russia development, were responsible for the mild profit taking on Wednesday and Thursday. Domestic news continued very favourable.
The improved prospects of favourable farm legislation, plus the shipping situation, accounted for the widespread advance in practically all commodities, as the Dow-Jones 11 commodity index reached the highest levels since July 1937 Chicago wheat, corn, and cotton futures reached new highs on Senator Bankhead's prediction that the 85 per cent. party loans {or these commodities would be passed by Congress. Rubber futures hit a new high since April 1937, on London advices that the Ministry of Supply would become the sole importer in the United Kingdom. This market is fluctuating with shipping uncer-fainties, and anticipation of closer Government supervision of primary shipments is discouraging some outsiders' interest in futures. The excellent tanner and leather demand. and a forecast indicating a record shoe production, were responsible for the sharp advance in hides to the best figure since the end of 1939. However, freight prices and facilities with Argentina are being closely watched. There was investment buying of Sugar No. 4 on the $25.000.000 U.S. Loan to Cuba, exclusive of the Sugar Loan.io be announced later.
The magazine "Iron Ago" reports that a close restriction of civilian eel consumption is foreshadowed, including inventory control of metals. President Roosevelt's appeal for continuous arms output, readiness of new arms plants to start production, and the sudden realization that railroads need much new equipment to handle the expanded traffic. are responsible. With heavier trafic, carriers will need more equipment. ie estimated that 270.000 new
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