New York, Jan. 30.
After a steady opening, prices in the cotton market became irregular, with near positions easing on liquidation, mill selling and hedging, owing to reports from Washihgton that the Administration intends to ask Congress for authority to give growers 4000000 bales of loan cotton for immediate marketing in return for a reduction in the 1939 acreage. However, conditions at the close were steady, with quotations ranging from 10 points down to 4 points up, compared with the previous closing levels.
The rubber market firmed up today on very steady cables, commission house and foreign dealer buying and short covering which absorbed selling accredited to dealer hedging. The turnover today, improved with buyers showing more confidence. Final quotations were from 32 to 24 points above Saturday's close.
Values in the Chicago Wheat Pit declined on liquidation due to the helpful moisture received during the weekend from rain and snow in Oklahoma and Kansas. The heaviness of overseas markets and the slowness of international demand was a contributory factor to the decline. However, the market finally rallied on short covering and evening up operations, pending the clarification of the situation abroad.
At the final bell, quotations were from % to % down.
Cuban operator and foreign buying and covering reflected steadier London cables. Traders, generally, showed a disposition to await the outcome of pending European developments, Prices at the close ruled 3 cent up compared with the previous final levels.
Steady trade buying in February and March in the silk market, attributed to short covering by mill interests, absorbed profit taking. The average estimate of January deliveries was 37,890 bales. Final price changes were from % cent to 1% cents up.
New York Cotton New York Rubber Mar. 830-31—10 May 801-00—09 July 778-78—03 146-46 +04 Dec, 744-44 +04 Jan. 745N. +04
Mar 155224 +52
May July 433)
New York Sugar No.
Silk Mar. 1.153-16 185-0944 May 1.16-16% +16
Text read from the printed page and cleaned; old type leaves the occasional error.