New York, July 6.
Operators were strongly in support on the stock exchange this morning at the initial call. Under the leadership of steels and motors, which gained between one and three points, all market leaders were in good demand. During the course of early trading, a small amount of profit-taking developed which appeared to be somewhat readily rhed and, at the time of going to press, early gains were well maintained.
Liquidation on a small scale governed cotton prices at the outset and October delivery declined one point from last closing level to 11.98. Later, substantial] trade demand strengthened the market and October contract gained 10 points to 1208.
Easy conditions ruled at the opening of the rubber market and selling pressure brought, the September rate to 19.40, a drop of 11 points from the previous final call, After recovering ten points to 19,50, September option again receded five points to 19.45.
An irregular trend was witnessed during early trading in the Chicago wheat market. Opening with a drop of 1% cents from previous final call to.125, September delivery recovered one cent of the original loss to 126. Corn moved in sympathy with wheat, with September option declining 1% cents to 111 at the outset, followed by a recovery of one cent to 112.
Silver futures on the Montreal exchange opened steady, ' with September contract appreciating ten points to 44.35 bid and 44.70 asked.—Reuter.
Wall Street Comment By courtesy S, E. Levy and Company According to Dow-Jones, automobile output for 1937 is likely to exceed.000,000 units. The lange grain crop tends to boost the railroad car shortage, with prospects of a higher steel output rate scheduled. Profits of Tide Water Associated Oil Ca. for six months are indicated at around $7,500,000, An increase is probable in third quarter results of Class 1 railways.
"Wall Street Journal" Comment By courtesy of Swan, Culbertson & Fritz New York, July 6.
The "Journal" reported to-day that the devaluation of the French franc probably would decrease United States Treasury gold imports.
The natural recovery impri was reported, has largely. spent and is not being succeeded by a resumption of large scale private capital investment.
Railroad net operating income probably will increase during the third quarter of the year, the "Journal" reported.
This year's automobile production, it was predicted, probably will exceed five million units,
Text read from the printed page and cleaned; old type leaves the occasional error.