New York, July 15.
Operations were, more or less, confined to small-scale selling at the opening of the stock exchange today. Price changes were, however, slight in extent due to the absence of pressure. After a short period when liquidation gathered momenium with steels and motors most affected, the market generally presented a steady appearance on short-covering at the time of going to press.
A certain amount of weakness was displayed at the initial call of the cotton market and October option declined eight points from previous closing level to 1239. As trading progressed, a slight rally was staged with a recovery of one point to 12.40 for October contract. Realizing again set in and a further drop of seven points in the October rate to 1233 was recorded.
Trade demand improved rubber prices at the outset, with September delivery appreciating seven points from yesterday's final call to 1927. Continued buying support caused a further rise of four points to 19.31 after which profit-taking set in resulting in a loss of the original g of eleven points to 1920 for Septemter option.
In sympathy with lower Liverpool advices, wheat in the Chicago Grain Pit lost 1% cents at the outset with September contract quoted at 125%. The market continued to rule on the easy side and September option declined a further % cent to 125%. Corn prices eased off with wheat and September delivery, at the time of going to press, was quoted at 111%, a total decline of 1% cents from last close, The silver market in Montreal ruled quiltly steady, September option opening unchanged at 44.50 bid and 45.00 asked.—Reuter "Wall Street Journal" Comment By courtesy of Swan, Culbertson & Fritz and S. E. Levy & Ca.
New York, July 15.
The "Journal" reported that many traders were more interested in commodities than in securities.
The Street apparently is waiting for a clarification of the outcome of the court reform bill and the labour situation, The heat wave is helping railroads by increasing travel, Wage increase negotiations are retarding the demand for rail shares, Motor shares apparently are unable to advance at present.
Text read from the printed page and cleaned; old type leaves the occasional error.