NEW YORK STOCK EXCHANGE

Dominion, Volume 32, Issue 71, 16 December 1938, Page 14

NEW YORK STOCK EXCHANGE

Business In Wall Street

By Telegraph.—-Press Assn.—Copyright.

NEW YORK, December 14. The turnover on the New York Stock Exchange today numbered 1,970,000 shares.

So far none of the indicators of recovery, with the possible exception of residential building, shows so strong a rebound at> the share market, though the earnings statements for the third quarter which are now appearing are not materially different from those of thc_ first and second quarters, wrote the New York correspondent of the “Economist’’ on October 31. The index of manufacturing aetivity averaged 76 in the first Quarter ot 1938, 75 in. the second quarter, and 85 in the third quarter —the same as in the final quarter of 1937. But the shate market has followed the index of production only in the loosest way, evidently rating the period of low production as merely temporary, and being quick to discount the upturne the moment it appeared. The result is that share prices are only slightly higher now than they were at the end of June, though the entire recovery in production has occurred since then. , , Not only was the first clear manifestation of recovery seen in the share, market but the share market has been willing to discount or envisage a degree of recovery beyond what has yet appeared in industry itself. It is likely that at. any given time Wall Street is characteristically more bullish or more bearish. than industry in general. A year ago it was far more pessimistic toward the business outlook than were business men or industrialists ; at the present time it is far more optimistic.