New York, May 6.
The cotton market ruled steady at the initial call, with quotations registering advances from 1 to 3 points up. Leter, prices touched new high levels on general buying and nervous shorts covering, influenced by a report from Washington that Congressional approval of a 85 per cent. parity loan is expected. However, at the tops, realizing appeared but of-forings were quickly absorbed. At the close, quotations ranged from 32 to 39 points up from the previous Ginal levels.
Firm and fairly active conditions were witnessed in the market for raw rubber futures, with prices moving up on trade buying and nervous shorts covering, while the closure of the London rubber market yesterday and the uncertainty of the reopening date tended traders to caution. At the final bell, gains from 40 to 50 points were recorded.
The main feature affecting the Chi-cage Wheat Pit was the rt from Washington that Congressional passage of a 85 per cent parity loan is expected, which stimulated. general buying and shorts covering. The strengíh of the cotton and securities markets further aided sentiment. At the last call-over. gains from 2 to 2% cent were register.
New York Cotton New York Rubber May 1205 N. 432 July 1209-10 433 Oct 1219-10 439 Dec, 1221-4 135 Jan, 1223-23 497
Mar. 1220-24 +34 July 2405-05 +50 Sept. 23.75-75 +50 Dec, 2325-25 440 Mar. 2296 N. 440
Text read from the printed page and cleaned; old type leaves the occasional error.