New York Mar. 16.
After opening easy on lower Liverpool cables, the cotton market further declined on liquidation and Southern hedge selling. The distant months remained steady, however, and prices finished slightly above the day's lows on some short covering, closing 10 to 12 points off in the nears and unchanged in the distants, as compared with yesterday's closing quotations.
The market for raw rubber weakened sharply at the opening on the easiness in London and in sympathy with Wall Street, but later partially recovered on the closing rally in London and the upturn in securities, ending the session 3 to 5 points below yesterday's final prices.
Wheat futures in Chicago lost io cent per bushel on lower foreign cables and the decline in corn. were disappointed by the Securities and Exchange Commission's rejection of suggested changes in the Securities Act Most changes were fractional. Late in the session leaders hovered around their previous closing levels. Steels were slightly lower while motors were slightly higher. Several leading rails, mercantiles and utilities showed small gains.
Wall Street appeared less nervous than yesterday but caution continued. Wall Street hears there is buying of shoe stocks in the belief that Czeci shoes are planned for the "black lis along with other German products.
Oils were believed less vulnerable to bad news than other sections of the list. Warner Brothers preferred dividends may be renewed before the end of the current fiscal year. Champion paper may cover its preferred dividend.
Favourable market factors today 4 599,000 cars.—Reuter
Text read from the printed page and cleaned; old type leaves the occasional error.