New York. July 27.
Trading in the cotton market was early active and prices declined sharply on Wall Street and foreign liquidation. Demand was generally poor, with speculative interest negligible, and the market finally closed steady, with quotations ranging from 1 to 3 points down.
Prices in the rubber market early touched new highs in sympathy with London advices, the downward revision of estimated Malayan shipments during July and lower tyre inventories. Later, prices partially reacted on liquidation, stop-loss orders and the decline of securities, but at the close steadied irregularly on covering. At the last call-over, gains of 33 to 40 points were recorded.
After hesitancy, wheat prices in Chicago rallied on rust damage reports, grasshopper complaints and American and Canadian Spring wheat exporter buying. The weakness of securities and lower foreign advices are impeding the Spring wheat movement, which induced early pressure. At the final bell, losses of % to a % cent were registered.
Text read from the printed page and cleaned; old type leaves the occasional error.