Orders taken for Parties Private Dining Room available which caused weakness in wheat, corn and cotton. After a break on Monday, wheat rallied due to a revival of export demand and drought complaints from the Argentine and Australia. The decline in corn quotations from 82 (Dec. delivery) at the beginning of the month to 70 on the 29th apparently represents a discounting of the excellent crop outlook. Cotton was dull with operators awaiting the Government estimate due on August 9. Rubber ruled irregular on the belief that producers would be able to fill the 90 per cent, quota for the last half year. Sugar held steady with prospects of some legislative action at this session of Congress even though it may be only an extension of the Jones-Costigan Act.
Business activity as measured by the "New York Times" composite index reached a new high for 1937. Steel operations improved despite continued labour troubles and the demand for scrap indicates that the bottom of the summer recession in the industry has possibly been already passed.
The market in figures:
Thursday July 22 July 29 Change D. J. Average for 30 Industrials 18296 18301 up.05 D.J. Average for 30 Rails- 5471 5295 off 1.76 D.J. Average for 20 Utilities 2940 2978 up 28 Average for 55, Bonas 10108 10151 off 15 modity Index 6922 6109 off 213 Barnsdale ON—27, 25 off 2i Delaware and
Text read from the printed page and cleaned; old type leaves the occasional error.