Thursday's Closing Quotations New York, June 1 In spite of steady Bombay and Liverpool cables, prices in the cotton market today eased on hedge-selling and on foreign selling and liquidation here, though some early support was noted for near deliveries. Later, with renewed uncertainties over Washington developments, weaker southern markets and persistent hedging, prices further declined, whilst the weather report was on the whole favourable. Closing quotations were very weak, ranging from 7 to -14 points down, compared with the previous final levels.
Trading in the rubber market was quiet and featural Prices early moved lower on liquidation aiid profit taking, but trading quietened down later, with fluctuations confined to a narrow range. The outlook, generally, remains good. Finally, the market closed from 6 to 10 points lower from yesterday.
The Chicago wheat market continues to be a weather affair. Reports of showers and forecasts of further precipitation influenced a certain amount of liquidation and profit-taking. Trading, on the whole was restricted. At the final bell, losses ranged from % to % cent.
New York Cotton New York Rubber Oct. Sept.—10 July July 1642-43—10 Dec. Dec.—10 Mar.
Jan, Mar, 06
May New York Sugar No. 4 New York Silk July 129%5-30—4%s Sept. 1.1414-15—15
July, (No. 1 Con.)
Chicago Wheat Chicago Corn July 78-78
July 514-511 unc. the low levels, with short-covering helping the recovery.
By Courtsey of Swan, Culbertson & Fritz In the limelight of favourable business developments for the "current period under review were, first, the largest weekly gain recorded in steel operations since November 7, 1938; second, the rise in electricity output; third, hopes for an early settlement of the strike in the automobile industry, and fourth, the report that Class I railways net operating revenue for April will be almost US$6,000,000 above last year's figures for the corresponding month. Prospects of tax revision continue good and unemployment figures for April registered a decline, while the outlook appears better for improved business this Summer. There was disappointment over the apparent hitch in the British-Russian negotiations and business sentiment was somewhat disturbed by the narrow profit margins for most leading, industries together with the possibility that Congress may remain in session until August. For the current quarter it is expected that automobile factory sales will be fifteen to twenty per cent. below the first three months. The New York Times Index of business activity during the past week was placed at 86.1 against 85.3 for the previous week and 75.9 for the corresponding period of last year. Activity in the most important fields was reported as follows Previous Latest Carloadings 555,000 Electricity Power Production—kw.hrs. 12,170,000 Average Daily Oil Production—barrels 3,438,000 Automobile Output 522 *616.000
2,208,000
3.585,000
Text read from the printed page and cleaned; old type leaves the occasional error.