New York, May 12.
Trading was inactive in the cotton market and prices early moved higher on the scarcity of selling and moderate Bombay, trade and local buying, The advance attracted Liverpool selling on differences and the market subsequently reacted on liquidation, prompted by the action of securities. At the close, quotations ranged from 1 to 4 points down from the previous final levels.
With primary offerings light, commission houses and Akron interests absorbed scattered selling in the rubber market today. Mixed local trading reflected the movement of securities. At the last-call-over, geins from 2 to 9 points up were registered.
Adverse crop movement in the.south-west and the suggestion that the peak in, crop condition has passed induced support for Chicagai wheat prices. Later, the market rev acted on favourable weather reports, increases in crop estimates and absence of foreign interest. At the final bell, losses from % to % of a cent. were registered.
Sugar prices early improved on light trade buying, but later eased slightly on liquidation, selling, hedge ing and the absence of important demand. At the close, quotations were from unchanged to 1 point down from yesterday.
New York Cotton New York Rubber July 865-66—03 July 12.16-16 +03 Oct. 868-69—03 Sept, 1235-35 -+09 Dec, 8.72-72—0t Dec, 1250-51 +04
New York, May 12.
The Board of Governors of the Federal Reserve System, in their report for the week ended May 11, respecting the entire body of reporting member banks of the System, revealed no change on bills "bought as compared with the previous week, but showed a decrease of $4,000,000 from the corresponding week of last year, United, States securities held remained Unchanged from last week's total, but increased by $38,000,000 over the amount recorded for the some period in 1937. The Federal Reserve ratio also showed no change from the previous week, but gained 29 per cent, over that given for the corresponding week of last year.
Fegeral Reserve Bank credit, as compared with last week and the identical period last year, showed no change and an advance of $13,000,000, respectively.
Monetary gold stocks were higher by $10,000,000 over last week and by $98,000,000 over the corresponding week in 1937.
Industrial advances by the Federal Reserve declined by $377,000 and by $6,358,000, respectively, as compared with last week and the corresponding period last year, During the period under review bills bought totalled $1,000,000; U.S. Securities held $2,564,000,000, while the Federal Reserve ratio was placed at 82.5 per cent, Federal Reserve bank credit amounted to $2,589,000,000; monetary gold stocks $12,880,000,000 and industrial advances $16,421,000.—Reuter Jan, 873-73—03 Jan. 1255N. +42 cee Mar. 881-81—01
New York Sugar No. 4 New York Silk Bank of France Returns Sept. 09434-95 une. May 156-5614—1
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