By courtesy of Swan, Culbertson & Fritz Stock prices today rallied late the session, after early irregularity. Traders were cheered by the House Ways and Means Committee's tentative approval of a smaller than anticipated tax increase. Also noted were increasing rumours of Russo-German frontier friction. The turn-Over was. generally limited. Business news remains excellent, By courtesy of Swan, Culbertson & Fritz Despite the Swiftly deteriorating relations between the United States and Germany, the latter's nonaggression Pact with Turkey, and the uncertainty surrounding Russia's attitude, prices on Wall Street during the current week under review continued to advance, Good domestic business news tended to overshadow foreign developments, Monday's market was quiet with the main interest centred in a few specialities like rail equipments. Presdient Roosevelt's order freezing European funds caused heavy liquidation of German and Italian bonds. The President also ordered the closing of the German Consulates in America. The Stock Exchange closed higher on Tuesday, with the losses of the last three sessions being erased, The market's strength was attributed to British successes in the near East, higher domestic railroad income reports, and also the record increased use of automobiles, After reaching new highs for more than two months, the market on Wednesday eased on reports of the German-Turkish-Non-Aggression Pact and the withdrawal of the British in Libya. There was little change in stock prices on Thursday, although traders were heartened by the House Ways Means Committee's tentative approval for a smaller-than-anticipated tax increase.
Commodities, as measured by the Dow-Jones 1I commodity index. presented an irregular appearance during the period. although- net gains were generally recorded. Wheat futures at Chicago declined on hedge selling on the increasing movement and reports of high yields, but prices were still considerably below the loan levels, July. cotton continued io reach new high levels on unfavourable crop reports and the greatly increased activity in textiles. However. a technical correction is thought to be about overdue. Rubber futures were inclined to be easier. Washington has proposed to form a central buying agency for the official control of all United States rubber imports, while civilian consumption of rubber is to be curtailed very sharply in the near future, Trading in hides was res-tracted owing to the uncertainty regarding the details of the 15 cents ceiling price. However, the consumption outlook appears to be against hasty liquidation. The rapid absorption of heavy July tenders of 13 world sugar has encouraged the trade and outsiders. Cocoa advanced owing to heavy buying on the part, of manufacturers and the trade, on fears of tightening transportation facilities from Africa and Brazil, and the omission of this commodity from shipping priorities.
The United States War Department is buying $60,000,000 worth of vehicles.
which will benefit White Tucks and Mack- Trucks. Copper supplies in the United States on May 31 totalled 95568 tons, a new low record. American Telephone Telegraph distance traffic has been listed at 22 per cent. for 1940. Commonwealth & Southern Corporation is planning to liquidate preferred shares through distribution of the common stock of several of its subsidiaries, thereby making for an in-regrated' system. in order to comply S4 with the Holding Company Act. The Secretary of Interior has proposed a ban on oil exports from the East Coast. The price Administration is understood to be considering possible limitation on prices for crude oil in Ohio and California. although nothing as yet has been definitely decided,
Text read from the printed page and cleaned; old type leaves the occasional error.