New York, Aug. 11.
Liquidation was more or less general at the opening of the stock market this morning. Practically all] market leaders were sold down with steels bearing the brunt of the pressure, while oils were metined to hold their own. During the course of early trading, the market ruled irregular with in-and-of baying in evidence. Trading was not aggressive and, at the time of going to press, although all sections, with the exception of oils, showed losses, price changes were within narrow limits.
A small volume of trade demand stimulated cotton prices at the outset and December delivery advanced s points from previous final call to 10.37 Hedging operations hampered the upward movement, with December option losing four points of the original gain to 10.33 but, at the end of the period under review, the market steadied to a slight extent, December delivery recovering one point to 10.34.
Buyers were offering five points under yesterday's closing level at 18.56 for December contract at the initial call which, eventually, attracted sellers at the rate. Later, casino: confined and December option declined a further two points to 18.54.
Influenced by weakness of foreign advices, wheat in the Chicago Grain Pit was subjected to heavy selling pressure during the session recorded Opening with a drop of two cents from last close to 112%, December contract declined another % cent to 112%. Corn declined sympathy with wheat at the t, with December delivery quoted at 65%. a loss of one cent from yesterday's final level. Later, fairly heavy buying reversed conditions and December contract advanced 1% cents to 66% Montreal silver ruled steady at the initial call, with September option unchanged at 44.65B/45.05A.—Reuter.
"Wall Street Journal" Comment By courtesy of Swan, Culbertson & Fritz and S, E. Levy & Ca.
New York, Aug. 11.
The "Journal" reported to-d: that brokers said the general public was still on the sidelines. Some who re been bearish on Western Union said they believed it might rise substantially from present levels.
Detroit was buying General Motors. Brokers say long pull investors are buying copper shares. Brokers say there is more potential stock market trading than in many months, Several investment trusts are bu: ing motion picture shares recently. Traders believe that the markets are technically in a good position.
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