For the greater part of the uncertain conditions prevailed, result~ ing in the market being ina state fof inactivity, with slow ductuations: Yimited to a narrow margin, between $887.50 and $879.20, during' the first four days, and the total volume of business during this period was con-Jsequently well below normal, but at the end of the week various rumours brought a heavy upset in the market, advancing the price to above the $900 level.
Dullness prevailed on Monday and' 'Tuesday, resulting in @ narrow and' featureless market, Fast fluctuations: were scarce and the range confined to within $10 only, between $887.50]
Weakness in the Exchange market! induced buying tendency and forced shorts to cover on Wednesday, when the local Gold Bar market advanced from $880.70 at the opening to $887.10 toward the end of the day's session.
No panicky selling was created on Thursday by the news that war had already begun in Abyssinia. Long Commitments continued to hold on their overnight positions as it was lreulated that cash bar purchases were being done by a certain bank. These contradictory factors brought about a steadily quiet market, The prices ranged from $881 to $8640.
But on Friday various rumours of inflation, supported by the purchase] of 1,400' cash bars by a large local bank, were responsible for a strong uprise in the market, Bulls-predominated practically the whole morn~ ing. By 1130 am. the high of the day, $003.80 was reached, when the' upward trend was checked by the Bombay forecast news which reported a rise of 9 annas in their silver market, thereby causing a sharp drop fo $898. In the afternoon session [heavy buying subsided and the price remained between $902.50 and $605.50.
With foreign silver markets strong, trading commenced at below the] price of the previous closing, but owing to the large rise yesterday nervous shorts began to cover, send~ ling the market up again from $896 '40 899.70 at the official opening and to $904, five minutes after. The] Tharket dropped so as soon as buying activities abated and remained between $898 and $809 for the rest of! the session.
Text read from the printed page and cleaned; old type leaves the occasional error.