New York, Aug. 10.
Profit-taking caused weakness at the initial call of the stock exchange to-day. Steels were under fairly substantial liquidation and lost over one point, On the other hand, oils held steady. As trading progressed, the market gradually steadied with short-covering in evidence. At the end of the session reviewed, however, most sections still showed small losses, with the exception of motors and oils which gained fractionally.
Fairly heavy liquidation was witnessed at the opening of the cotton market, December delivery dropping ten points from previous final call to 10.27. Short-covering and trade demand was attracted at the lower levels, with the result that December option regained seven points of the original loss to 10.34.
Weakne: of foreign advices depressed rubber prices at the outset, with December contract declining nineteen points from yesterday's close to 15.70 on general realizing. Selling continued unabated and December Gelivery lost a further ten points to 18.60, Heavy demand was persistent during early trading in the Chicago wheat market. At the initial call, a substantial rise was recorded in December contract of 2% cents from last closing figure to 113%. The market continued to improve and December option registered another gain of % cent to 114. Corn prices improved with wheat at the opening, December delivery advancing 1% cents to 69. On profit-taking making an appearance, the December quotation receded % cent to 68%.
Silver futures futures on the Montreal exchange showed an easy tendency. with September option declining ten points at the outset to 44.65 bid and 45.05 asked.—Reuter.
"Wall Street Journal" Comment By courtesy of Swan, Culbertson & Fritz and S. E. Levy & Ca.
New York, Aug. 10.
The "Journal" reported to-day that the Street expected stronger and more active markets, -The public is developing interest in low priced issues. Traders are more bullish toward General Motors.
The west continued to buy mail order shares with some chartists expecting both Mongomery Ward and Sears-Roebuck to advance. There is considerable long pull buying of radio common.
Text read from the printed page and cleaned; old type leaves the occasional error.