Another hitch developed in the [Chinese Cotton Goods Exchange on June 15, when those who held Tong positions declined to sell yarn at low prices. Consequently,
afternoon session, dealings were reported in the Following inquiries by on oMeial lof the Ministry of Industry, the oppos-ting parties of brokers came to" agreement the previous day to re-Jopen the market, the bulls indicating their willingness to release their Jholdings at about $5 lower than the Fecord price of §295 per bale of yarn for June delivery.
Opening at $288, which was §2 lower than' the price agreed upon between the two parties, the market declined {$287 toward' closing. This displeased the brokers who held long positions, hence the hitch, Normal Trading Resumed Normal trading -was, however re-Jsumed on the Chinese Cotton Goods Exchange on June 17 when the restriction on "new transactions was. lifted. Owing to the frenzied market conditions when the price of yarn soared to $205 per bale for June delivery, only these who wanted to settle their' transactions were allowed to do business on the market during the previous few days.
As a means {0 discourage specula:
the Exchange officials have increased the margin per bale of 237" or near livery from $42 and for future delivery from $34
The closing prices for yarn were: June, $280.00; July, $281.00; August, $279.90, and September, $278.0,
Text read from the printed page and cleaned; old type leaves the occasional error.