New York, Sept. 28.
The cotton market was early dominated by developments in Europe and prices declined -with European news, the weakness of sterling, liquidation and general selling. Later, prices bounded up in response to Herr Hitler's calling of a four power conference, the continued buying of October option by spot houses and the strength of stocks. Finally, the market again partially reacted on realizing but closed steady, with quotations ranging from 2 to 7 points Prices in the rubber market early reflected the weakness of cables, the collapse of sterling, the very critical European situation and heavy foreign liquidation. Later, the market rallied strongly on Germany's offer to mediate, heavy general buying and stop-loss orders. Towards the close, conditions quietened down and prices eased moderately from the day's best levels. At the last call over, gains of 39 to 56 points were recorded.
The early steadiness of the Chicago Wheat Pit was broken sharply by the announcement of the proposed four power conference to discuss the Czech situation. The cautiousness of dealers after early realizing plunged prices more than 3 cents from the day's highs, while the recovery of securities brought out additional pressure. It was estimated that 10,000,000 bushels of wheat have been Jold for export. At the final bell, losses of 1% to 1% cents were registered.
New York Cotton New York Rubber Oct.—197-96 Dec. 790-91 Jan. 7.88-88. Mar. 787-88 May 7.90-83 July—7.80-80
+07 Dec. 1566-06 +39 +07 Jan. 1566-66 48 +05 Mar. 1566-00 +56 401 May 1513-73 53
408
New York Sugar No. 4
Mar. 10514-06—06 Oct.
May 10814-09—06
New York Silk 1.69-70 +145 BA
Text read from the printed page and cleaned; old type leaves the occasional error.