New York, Nov. 1.
The cotton market early advanced on trade and foreign buying, covering and higher Wall Street advices, but then reacted on liquidation. Later, some scattered buying was offset by commission house selling and lower foreign cables. Finally, with operators continuing largely to remain on ihe side lines the market closed quiet and narrow, with quotations ranging from 2 points down to 2 points up.
Prices in the rubber market early advanced on demand accredited to London dealers and factory interests, which encouraged local and commission house buying and some short covering. Finally, the market partially readed on persistent dealer offerings. At the last call over, gains o. 14 to 16 points, were recorded.
Beneficial rains in the American and Canadian grain belts brought out general selling in the Chicago Wheat Pit today, after early steadiness. Later, quotations further declined on the Bureau of Economies predictions of a continued low price level and a poor export outlook, coupled with the heaviness of Winnipeg which tended to increase bearishness. At the final bell, losses of 1 to 1% cents were registered.
The sugar market advanced on Cuban, Trade and new buying and,|covering, on reports that Japan is seeking large amounts of Java sugar, and the firmness of London advices.
Finally, the market partially reacted on hedge selling and profit taking. At the close, quotations were from a to 1 point up.
Prices in the silk market eased on importer selling and commission house liquidation, which were induced by lower cables and disappointing October deliveries. Buyers were cautious. The opinion is expressed that some deliveries were probably held over for November. Closing quotations were from 2% to 4 cents down.
New York Cotton New York Rubber ~02 Dec.
1685-87 +15
~02 Jan.
62 Mar.
16—01 May 14
New York Sugar No, 4
Text read from the printed page and cleaned; old type leaves the occasional error.