New York, June 7
Trading in the cotton market was early inactive and prices declined on Liverpool cables, and Bombay and Liverpool selling, including July option liquidation. Offers were generally small, and, when foreign selling subsided, prices rallied on trade and local buying and the firmness of wheat, but then again eased towards the close in sympathy with stocks. Finally, the market closed steady, with quotations ranging from unchanged to 4 points down.
After easing on disappointing cables the rubber market steadied-up on commission house and local buying, indications of an Akron d mand and reports that primary of-forings were well absorbed by the spot market. At the last call-over, gains of 1 to 3 points were recorded, Aiter early weakness wheat prices in Chicago rallied on professionals covering, mill and exporters absorption, unfavourable weather re-paris in the winter wheat belt, rust fears in the spring wheat belt and dry weather reports from Australia. At the final bell, gains of 1% 0 1 cents were registered.
In the sugar market there was a little trade buying and covering, owing to steadier London advices, coupled with switching of July option to distants. Later, prices reacted par-tidly on scattered hedging. At the close, quotations ranged from unchanged to a % point down.
The silk market eased on the weakness of cables and liquidation, but did not fally reflect the decline There was some hedge ling owing to the narrowing dis-of prices. Towards the close, trade covering was a steadying influence for nears. Closing quotations were from a to 1% cents down.
New York Cotton New York Rubber 19-91 unch.
804-04—03
Text read from the printed page and cleaned; old type leaves the occasional error.