New York, July 29.
Trading in the cotton market was early inactive and narrow with operators awaiting crop indications and other incentives. Prices declined on commission house liquidation and moderate hedge-selling which were taken by local and trade buying. When selling subsided and contracts became staree prices rallied, although neither buyers nor sellers were aggressive. Finally, the market closed steady, with quotations ranging from 2 points down to 3 points up.
After being'irregular, prices in the rubber market quietly drifted down in sympathy with securities and routine evening-up operations, chiefly due to the extended holiday in London and Singapore. At the last call-over, losses of 17 to 20 points were recorded.
Wheat prices in Chicago today early eased off on hedging, spreading operations, rapid harvest progress in the north-west and south and further Canadian crop complaints. Rumours that Spain was a liberal purchaser recently failed to attract buyers, Later, prices steadied on exporter buying. It is estimated that the Canadian crop will total 260,000,000 bushels, At the final bell, gains of of a cent were registered.
The sugar market early advanced on foreign and commission house buying, covering and the steadiness of London advices, but later partially reacted on September liquidation and hedge selling. Closing quotations were from 1 to 2% points down.
Prices in the silk market steadied on the improvement in Japan and reports of an unusually good demand by weavers and knifers late yesterday, but the action of Wall Street finally depressed values, At. the close, quotations ranged from a cent up to 1 cent down.
New York Cotton New York Rubber Oct. 857-537 une. July—819-79 +03; Dec, 863-63—02 Sept. 1610-12—20 Jan. 885 N—02Dec. 1625-29—17 Mar. 870-10—O1 Jan. 1625 B—18j May 8/474 une. Mar. 1623-90—19
New York Sugar No.4 New York Silk Sept. 0.96%5-9715 21; Mar. 104-041—1
B/A B/A
Text read from the printed page and cleaned; old type leaves the occasional error.