New York, July 16.
Selling predominated at the initial call of the stock market this morning. Buying support thereupon made an appearance and prices rallied to a slight extent. At the end of the period under review, general selling and fairly heavy realizing set in resulting in all sections showing losses ranging from fractions to more than two points. Oils remained fairly steady during the course of eatly trading.
Unfavourable Foreign advices adversely affected cotton prices at the outset and October delivery declined eight points from yesterday's final call to 12.02. Short-covering was attracted on the scale-down and October contract regained four points of the original loss to 12.06.
Fairly heavy liquidation was witnessed at the outset in' the rubber market, with September option declining fifteen points from last close to 19.11. Later, the market ruled dull and featureless with no further change recorded up to the time of going to press, Little interest was displayed by operators at the opening of the Chicago wheat market with September delivery quoted unchanged at 125%. The market eased off slightly and September option declined cent to 125. Corn tended to move in both directions during early trading. After dropping % cent from last closing level to 111%, September contract met with fairly/good demand and gained % cent to 112%
Steady conditions prevailed for silver futures on the Montreal exchange at the outset and September delivery opened unchanged at 44.50B/ Reuter.
"Wall Street Journal" Comment By courtesy of Swan, Culbertson & Fritz and S. E. Levy & Ca.
New York, July 16.
The "Jourtial" reported that large scale new financing was expected as soon as the market improves.
Investors were on the sidelines.
The deadlock in wage negotiations between railway managers and union leaders is harming the outlook for railway shares, The support of utilities is essential for any broad market movement, The Street estimates that General Motors will net $190 per share in the second quarter.
Text read from the printed page and cleaned; old type leaves the occasional error.