New "York, June 30.
Trading was inactive at the opening of the stock market this morning. Rails and oils were in some demand and showed slight appreciations, while other counters were inclined to be neglected. Later,' buying support widened- and extended along the whole line, with metals and steels particularly in demand. At the time of going to press, however, small-scale profit-taking tended to hamper the upward movement.
Profit-taking with lack of support depressed cotton prices at the outset and July delivery declined 9 points from last closing level to 1207. During early trading, the market worked both ways and, after recovering 4 points to 1211, July option reverted to the opening figure of 1207.
With buyers attempting to operate under the market at the initial call, July contract was quoted at 19.12 bid, three points lower than previous final level. Sellers were mot interested at this rate and no further change was recorded in the July quotation up to the time of going to press.
On unencouraging overseas advices, the wheat market in Chicago opened barely steady, with July. delivery quoted at 120%, a decline of % cent from yesterday's final cat. Fairly good demand thereupon stiffened the market and July option advanced cent to 121%. Corn moved in sympathy with wheat After losing 3& cent from Tuesday's close to 126%, July contract appreciated % cent to 127%, Steady conditions prevailed for Montreal silver, with September delivery gaining ten points at the initial call to 4430B/44.70A.—Reuter.
Wall Street Comment By courtesy S, E. Levy and Company Dow-Jones reports mild buying yesterday of mail-orders and farm equipments stock. There has been foreign buying of coppers. Operators interested in oils are buying Socony-Vacuum Corp. on any weakness and they predict. a new high shortly. Gasoline stocks are down over 1,000,000 barrels, with a moderate increase in crude oil production reported. Pure Oil Ca. has struck another big of well in Illinois, "Wall Street Journal" Comment By courtesy of Swan, Culbertson & Fritz The "Journal" reports that chartists are encouraged withthe industrial averages failure to seek a new low on the latest decline Brokers do not believe there will be sustained activity or price trend until the domestic and foreign affairs are settled, meanwhile the uncertainty is in favour of the downside.
Some predict Socony Vacuum will soon make a new hig Gossip and rumours at present are largely bearish.
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