New York, July 23.
Substantial buying improved prices at the opening of the stock market this morning. Metals, steels and motors were in good demand with gains up to two points, while utilities, rails and oils were supported in a lesser degree. As trading progressed. profit-taking hampered the upward movement, resulting in part of the earlier gains being lost. At the time of going to press, practically all market leaders still showed improvement in prices on balance.
Fairly heavy "liquidation was in evidence at the initial call in the cotton section, with October contract declining nine points from previous final level to 11.55. Short-covering slightly steadied the market with a recovery of one point to 11.56 for October option but selling pressure again weakened prices and October delivery dropped five points to 11.51, Continued weakness in foreign markets led to heavy realizing at the outset in the rubber market and September option lost 21 points from previous close to 1865. Pressure thereupon eased off and no further change was recorded in September contract up to the end of the period under review.
Good trade demand stimulated wheat prices in the Chicago Grain Pit at the opening and September delivery advanced 1% cents from yesterday's final call to 119%. The improvement was, however, not sustained and, on the appearance of profit-taking, September contract lost M cent of the original gain to 119, Born also worked in both directions during early trading. After advancing 34 cent to 102% at the outset, September delivery receded one cent to 10134.
Silver futures on the Montreal exchange ruled steady at the initial call with September contract advancing ten points to 44.50 bid and 4490 asked.—Reuter.
"Wall Street Journal" Comment By courtesy of Swan, Culbertson & Fritz and S, E. Levy & Ca.
New York, July 23.
The "Journal" reported that observers considered yesterday's wider distribution of market strength a good sign. It was reported that some traders were switching from Canadian to United States stocks because of low crop estimates in the Northwestern Provinces, Leather industry profits were reported increasing with substantial inventory profits because of advancing high prices, Friday's Opening Quotations Thurs,—Fri. am. might Close Open 10.0 11.00 Anaconda Copper 33; 58 572 Sik Baltimore & Ohio 291 29i Chrysler us} Bethlehem Steel 92)
Ele. Bond & Sh. 19} Gen. Motors 56.
Tel A tral Si. of of US. Steel Cotton Oct. 1164- Cotton Dec. 11.58.
Rubber Sepi. 1086-88 hic W. Sept. 1131-118: 1193-19:—119 Chic, C. Sept. 1021-102 $—1011 Reuter Lockheed Aircraft Loew's Inc.
Lorillard McKesson & Robbins Martin, Glenn L. Ca Missouri Pacific R.R. Monsanto Chemical Montgomery Ward Mountain City Copper Nat. Bond & Investment Nat. Cash Register Nat. Distillers Nat. Power & It Nat. Steel Nat. Supply Ca New York Central Niagara Hudson North Amer. Aviation North Amer."
Northern Pacific Pacific Gas & Elec ife Lighting Packard Motors Paramount Pictures Inc. ist pfd. Pennsylvania R-R. Phillips Petroleum Public Serv. of N.J. Pure Oil Radio Corp. of Amer.
Text read from the printed page and cleaned; old type leaves the occasional error.