Cotton Futures Turn Easier In New York
New York, Aug. 26.
Cotton futures turned easier late today after a mixed start but trading was dull as new incen- tives were lacking.
At the close the list ruled four to nine points lower. The market opened two lower to five
closed 40 to 70 points lower with sales of 101 contracta. higher, New Orleans closed three points lower.
September
November
January
March
May
September
31.10
30.95
3065
230.77
Prices were narrowly mixed | 30.65 at the opening
on week-end 30.70 price fixing and light hedging.
The Census Bureau report
Spat
Oct.
May
July The standard contract closed July callon consumption was
sales reported.
had little market effect.
40 to 70 points lower with no slightly under trade ideas but
March
september January May
Novenber
July
September
Lower overseas
31.10 The market turned dull after
30.06 the opening and held that was
30.03
30.03 until late in the session when today as follows: 30.77 Ught local pressure found
13.0011
33.57
33.58
33.77
13.40
30.44
22.00
Oct.
NEW ORLEANS
Prices of cotton futures closed
Spol
23.00
30.70 offerings limited and dropped 30.58 most deliveries to markets
Oct
Dec
their Town
33.7
May
23.00
The Census
Bureau consumption
placed
July
Dec.
3 brought commission house sell for the day.
ing into the futures markel
caiton July here. Dealers were reported us 637,345 bates, against 049,700 in
Pan American Airwayɛ
Paramount Pictures
arko Davis Co. Penny J. C. Co.
37
Perm. Salt Co.
Phils Marria
Procter & Gamble Co. Pitch Plate Glass Publicker Industries Pure Dll.... Radio Corporation
tepublie Steel
Reynolds Melai,
Sears, Roelrack & Cu
Shell O Co....
Saint Reg. Paper Sinclair O
Sony Mobiloil
Solar Alicraft....
South Puerto Rico Sugar
Southern National Gas Bonsern Hallway (Coin.) Standard
Yet in the past fortnight there has been a period of feverish activity marked by enormous daily turnovers and wider fluctuations in currency quotations than have been seen at any time since a the weeks preceding world currency realign-Am (0) 18.40 16.70 2500 15.60 shares from 1,900,000 on Friday Southern C. (TIC)
12.70 13 200 e 12.00-but a good portion of the in- Electric 29.10 29.80 1099 4 29.80 ment of 1949.
02 29.50 crcase
from come
South Macao E.. 10.40 10.00
American Gold, and Platiuum Telephon 21.10 27.30
100 1 27.90 which
appeared
bibles INDUSTRIAIS
от Cement. 3214 029% 500021 ranging to 100,000 shares, 1 Rope ... 1922
dipped to $0. Amoy Can 35 STORES, ETC, Dairy... 16.00 16.79 Watson 12.45 12.70
T'exüles
4.30 4.25
European
The outstanding feature of level unless other this excitement has been wide-countries with overvalued spread selling of sterling. Dutch | currencies took stops to make guliders and few other their rute structures more European currencies 013 ont realistic too.
for revaluation
it
10
ななちゃ
US Hoffman Machinery, up 4 poin! to $7 as directors approved a proposal by manage- ment to buy 500,000 | shares of Sidek, followed in the actives on block ranging 10 12,000 Bellichem Steel,
Dynamics.
Jersey
shares. General
Standard,
hand and equally widespread As the trane devaluation buying of Gernian Deutsch-appeared to fulfi in substantial CONS marks, US dollars and Swiss mensure this German condition | Nanyong 1.TO 9.53 1000 y 9.00 nuthorised but unissurd fraues on other,
seemed MISCELLANEOUS possible that it would lead to Entert,... 21.03
Vibro an early appreciation In the mark, And since the pound is large the currency in which part of the world's trade' is con- ducted and currency in which many countries and business concerns hold their foreign ex- change reserves, a rush to buy marks couldn't but lend to a Britain capital from light of into Germany,
In offeisl markets, „value for cash dealings of the pound and other currencies hit by, this vast international money fight were forced down to "flour levels" set. by international exchange control arrangements,
Extensive Support This compelled governments afflicted countries to provide extensive support inevitably at cost of drawing heavily on their gold and delior stocks. Correspondingly the currenties soared oficial ceilings countries concerned
wanted
Fractional
Losses In London
£ Lost Ground
London, Aug. 26. But why, it may be asked,
The stock market closed their did the currency
speculators
sterling mixed in quiet trading with . start offering enabling also
add against American dollars
and fractional lusses predo (substantially to their reserves. Swiss francs on such a scale
to
to
in the tree markels where that the pound also lest a great minating
official intervention tends to be deni
of ground in terms
Sot a much more limited kind these currencies?
ments ir rates.
Thus
the
dollar
account
A
uthor
of continued in the face
сол-
Chrysler and General
followed in order.
There were sharp
all groups.
Motors
losses in
of 1,173 issues traded, 821 were lower, 148 higher, 204 unchanged, There were 205 new lows and three new highs.
American Exchange cales rose to 100,000 shares from 000,000 shares on Friday.
Bond
volume amounted to against $3,850,000 $3,750,000 on Friday..
Closing Prices
በፍ uncertainty
of
Alden Inc. Aes.
Allied Chemicals
K
Allied Mills In
32
on
Allia Cholines
Astrican AirBate
American Cable & indi
Corp.
The answer developments in Syria and this vast money tide found as to be found in the fact that Wall Street's low ebb inore vivid reficetion in move- Gerinan authorities have in the
period since frone's devaluation Friday.
their elaborating transferably been
vatiety ditions for revaluation of mark and-main
Terms
European Sterling in use
of of commercial
such way as to outside
currencies i and sterling area-dropped to its lowest indicate that this adjustment poin; in terms of US dollar so urgently needed to bring to since the height ct Surz scart end stresses that are daming- International pay- and British banknole weakeneding entire
structure can come by almost ten per cent in ferma ments of Swis franes.
growth of
+
the French followed at
move
Fome-
Am. Gas & Electric Am. Mach. & Fury. Aincrian Lietai
of a With exception
flriner American Cyanamide Co. lone in British Governinenis Amer, & Forma. Power
Am. Brake Shoe reflecting the improved position of sterling, condidence in most other sectors of the market was lacking.
British Government bond Americas, Tel & Tel Issues were steadier on news) American Tob. "# that
Armco Steni
Alina:
American Smelling Ani. Sugar Ref.
some foreign exchange Anaconda Capper
tion of the pound.
INDUSTRIALS
about only if it leaves dullur, rates are moving in the direc- Arcons Mining
that
Industrials cased in dealings. Department store radio shares lost fractions. International favourites clined led by Hudsons Bay Borax which lost between and two shilings.
Bildwin-Lam-Ham.
Desing Airplane de-Borden (10) Co.
and Burroughe Add Machine one Campbell Soup Co..
Canadian Pacific 1.
Standard Oll of Cat. Standard Oil of In
Standard OH NJ. Sleep Rock (Torate Exte Sterling Drut Co. Studebaker-Packard Corp. Stokely-Van Camb Swift & Co. Tex Co.
The Water Assn. O
Time Inc.
Twenty Century Fax Flím Union Carbide
Union Pacife Ralway
United Aircraft
United Gas Corp.
U.S. Foll
U.S. Gypsum U. S. Line Co, 1.3. Rubber U.S. Smelting
U.S. Sleet
Warner Bros. Westinghoure Electric Western Union Tel. Co. West V. Pulp & Paper Woolworth
4014
MU
74%
49
81
23
buyers. There was some buying
in the like reported in the physical market June and 547,480 but not cruugh to support the 1938 month. Daily consumption
Inst month market.
was 25,494 bales, Spot No. 1 Rss was
compared with 32,485 in June. quoted at 311⁄2 centa a pound.
Ml demand for apol colton SINGAPORE
for nearby shipment was fair in The market opened lower and the Allinta arca last week eased further en liquidation of according to a leading spot firm. September.pertion.
It also noted that numerous Selling was well absorbed at inquiries for autumn and spring
levels lower
and the nurket shipment cotton developed in closed slightly above the the Memphia territory but sales 23% lowest.
were light.
Certificated cotton. declined 230 bales to 2,705.
NEW YORK Prices of cotton futures closed today as follows:
GP,
32
There was a fair interest for 41lower sheets but factories re 40mained quiet.
Futures:
No. 1 rubber par 11. Segl 09-09%%%
Oct Nov.
07-914
aunted
5
49
47
No. 2 rubber per to. Sep. No. 27, 4
04-
RA-0645
Spot rubber baled
6012-20
Blanket grepe
01)25-825
No. I pale erepe
DR-100
حمد
stocks
LIVERPOOL
Cotton future closings, pence per lb. were as follows: Old contract Oct/Nov,
New
Dec/Jan.
Mar/Apr.
May/June
July/Aug.
contrac! Det./Nov.
Dec./Jan.
May/Juso
July/Aug.
Mar/Apr.
SAO PAULO
All prices unquoted.
La
the
In the United States, average price of une-Inch cotton at 14 designated spot markets was 33.43 cents.
Tolat sales were 20,694 bales. -United Press.
LONDON
The rubber market was easy
with spot quoted at
pence per 15. Prices:
No. 1 Ras spot
P.OB.I
E&
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N, CO.
Leaces London
Salted 21/8
:)
10th September
In Fort
22nd September 10th October
26 3/10
2014-2012
Seitlement haus term:
Sept.
2011-201
Oct/Dec.
21
JANET.
E01P
Apr/Jung
17
July/Sept.
General markets, eif basis, ports:
40
Auf
quoted
Segit.
Oct.
Fotale crepe a Sept.
2014-201 2011
The
Milied Press.
-----Uruled
New York Sugar Market
New York, Aug. 26. World No. -1
чидаг
futures today closed up 12
20-2015
was
AMSTERDAM rubber
market cester. Prices closed today in guilders per kilogram, cif Sept. as follows:
No. 1 rubber
No. 2 rubber No. 3 rubber
No exp
2.58 buyers
1.56 buyers
2.54 buyers
2.00 buyers
-United Press.
to off one point with sales New York Foreign
3
of 716 contracts.
141
483
Domestic No. 6 nugar futures
32
closed
unchanged 10 two
2015 points lower with sales of two
204 contracts.
Exchange.
Outwards
"CANTON"
*
"CORFU"
"CARTILAGE"
"CHUSAN"
*
Sated 23/7
1st October
Due Hongkong
30th October
Via Routhampton, Colombo, Penang & Singapore.
Leaves Hongkong Due Landop
$412 October
26th September
7 October
24th November
3rd November 39th November
Via Singapore, Penang, Colomba & Aden.
ffomewards
"CANTON" "CORFU"
28th August 26th September
*
"CARTHAGE" "CHIUSAN”
>
New York, Aug. 20.
Closing rates were:
Conada
1.03 7/16
2.34 7/18 2.070-2.61
2.7716 2.75
$22 15/14
2.78 13/10
World futures steadied again England eelat
business was reparted to have Austra
tuvzu!Fea
30-day
2.77 15/32
Query unchanged.---United Press.
other than Cuban New Zealand 'The domestic future South Afrien 491% market was dull.
March
691 May
London Foreign
Exchange
London, Aug. 20. Closing rates were:
30
701
172 today but trading was rather
| route, week-end world navi
52
13
Involved
145%
12
raw.
Baltimore &
Ohio Beneficial Finwage
17日
quiet
Bendix Aviation Corp.
5010
and
Denguet Cons
Contract No. 4 (work) Sculeater
1.41
Bethlehem Steel
415
October
4,43-44
20
January
1.PG-93
3.00
Julv
3.19
341%
at
September
3.0
Case (J. LJ Co. Cat. Tractor
18
October
304
Spot-fcents per th, foh Cuba 4.33
Celanese Cup.
133
Open interest: 5.6a contracts.
Chase Manhattan Bank
497%
Contract No. G (domestic)
CIT. Financial Corp.
41%
November
9.65
Chrysler Molera
741
March
11.50
eased. mostly
Climax Molybdenum Cluet Peabody
May
3.50
38
September
5,65
1737-173712
Colgate-Paimcive Co.
4114 | November
5.65
Colombian Carbon Co.
4112 4015
Sput-fcents per lb, elf NY
ex-duty)
5.62
Oslo Paris Stockholma
10 972-19.974
118732-11077)
14.45-14.45% 12.1634-1.10
Others unchanged.-United Press,
Continental Oil of Det. Crown Zellerbach .. Cuban Amer. Sugar
OF THE BILL"
mark
relationship untouched. How did the great currency scare that touched off all this Since it is common ground that the mark Is undervalued in activity develop from thing seemingly so.
of round sterling the unsurpristernis Ing as the lowering of the implication of this stand is that International
value of French to meet their requirements the have pound will have to be devalued franc? IL seems to stemmed from widespread against dollar.
Not
British surprisingly, feeling in interna-
that authorities have made it clear Ilonal currency markets
have more of Oil Esues retreated the they will would be
have opening but support developed Whitehall, they no great distance this.
not prepared to late trading reducing most of other asserted, is
consider
for losses. any
proposals
2.80 Gold
also present
shares European abandening the
Issics weru that would dollars to pound rute governing Copper
London unchanged, between have broad effect of reducing transactions
Dollar
stocks reacted the value of the pound sterling, and New York-either through the Dutch guilder ind
change in offelat parity or sharply lower, Wall Street Consolidated Exison
of" floating levels-United Press. other
through adoption currencies in the German mark, Swing Trane rates system. and possibly of American and Canadian dollars.
of time by a series
changes
major
in exchtunge
rate
policies of
countries changes
terins of
Realistic Levels
And there the matter stande with neither Germans nor British seemingly ready to budge from their contention that their [respective existing dollar rates According to one view these ore, realistic although they both
from theilly changes would result
admit that present, agreed revision of parity rates relationship between their own designed to establish currency currencies is unrealistic. values at realistic" levels. According 10 would be product of a decision by Germany and other European countries to
The reason
why currency
likely
Exchange Rates
-
to Commercial Credit
Coinmonwealth Elec.
Diamond Alkali Diamond, Matchi Dougins Aircraft Dow Chemicala ..... Dopant de Nemours Eastern Airline ...
this Eastman Kodak
Business was done in the local uncial
exchange market
El Paso National Gan morning at the following rales: U.s. doliar per
Family Finance Corp Sterling notes (per 1)
1942 Firestone Tyre & Rubbor Australian notes (per 1) .. 1720 Ford Mintor
11.10 General Electric Indonesian rupinh (per 100) ..
21 General Foods Siam Ucal (per 100) Singapore (Straita)
NAMESAKES
1.81 General Motors
Gen, Pub, U Getty Oll
15
Glidden 'Co, Goodrich (B. F.) Co.
Corp.
Int'l Business Machines
Int Harvester ....... International Nickel
unother they Flight Of Money.
Yet, it hardly seems allow that it is a dispute that can re their currencies to flopt to
main unresolved for long. For Answers-1 Ewart, 2 Partia Goodyear Tyre levels indicated by the inter- there is a natural tendency to ment, a Liberal, 4 BHI, 6 Vic- Horden Newport. play of supply and demand
that whether sterling-
toria, 6 Argument,. 7 Govern-Homesinko Aining Co. following the suspension of the gue
ment, B Bar, 9 Polley, 10 | Ingersoll»Rand_ existing arrangements limiting mark or sterling-dollar rate is
Inland Stool Co. altered in the end to permit Cabinel, 11 Decision, 12 Speak- dealings in major currencies of
er, 13 Author, 14 Orator, the region within a range of main European currency rela Commons, 16 Bench. one per cent of official parities. tionships to be established on
William Gladstone.
International Paper reallatie basis, the pound Is
Int7. Tel & Tel Joly-Manville Co at lower agreeing to participato - speculators jumped so quickly certain to finish up
intensos G Power & aght And that scheme to conclusion that the German level against mark.
designed to allow Kencott Copper mark might be soon raised in means that light of money European currencies to move- Liggett Meyers Tob, Co. value as a sequel to the cut in from the, sterling area to to levels indicated by basle Lockheed Aircraft
Loews Incorp. the French frame is not for to Germany and
other supply and demand conaldemni
Lone Star Conent Co. seek. For German authorities countries that are expected to tións, – through
widening of
Lowenstein & Bond. Me Donnell Aircraft that allow their currencice to follow present, dealing margins. haven't Fought to deny
_Block_Exze.||| tendency ovidert during the murk, at least part of the way It is the case that the stering Meseb! Iron Corp. the past year or so for them to when it is ultimately revalued, area's payments, experience, and minnesota Mining develop umbarrassingly large must tend to continue of the behaviour of free market rales in Development
Monsanto Chemical Co. in their payments expense of surpluses
United Kingdom over the past year has
Montgomery Ward transactiona 19/025/ other reserves.
dicated Ikat
existing Motorola Inc.
Cam Reg. "A"
the
to those
in-
European countries, could be This is why it is being pug London-New York rate. Is realis-National Dairy Prod,... to a substantial extent gested that to cnd an un-tie. So if the proposed experiment. National. Read corrected by Increasing the certainty that could inflet con- were fried, the pound might National Steel Corp. value of the mark.
aiderable farm on the sterling well stay close to 280 dollars New York Central
Norfolk Wostorn Br |_ But they have also argued | area's general payments position, lavet while the mark would in Maihieron
that they couldn't be expected: British authorities" might behave to be allowed to rise Ingu Elevators..... to establish the, undervelagd well, advisod to conskiar terme of that currency.
Oxford Paper Detachmark at * realistic calling Germany's bluff by London Express Bervice.
Facilo Gas & Tick
New York
Montreal Amsterdam Bruncis Copenhage Frankfurt Milan
Open Interest: 122 contracts-United | Zurich Pres
"TOP
2.78-0/16-2.76% 2.04-2045
10.04-10.54
130.22-130.25 19.239-10.3394 11.07-11.073N
DO YOU EXPORT TO BRITAIN, THEN WE ARE INTERESTED IN YOUR GOODS.
WILLIAM SMITH (GLASGOW) LTD. 33 Virginia Street, Glasgow, C.I.
ARE OPEN TO RECEIVE SAMPLES AND OFFERS ON THE KEENEST PRICES FOR:
Textiles, Clothing,
Shirts, Khaki Shirts, Jeans, for Men, Women, Boys and Girls.
Ladies Blouses (Nylon).
(1)
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(7)
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LET US QUOTE FOR ANYTHING YOU IMPORT.
*
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"SOMALI
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loads 3rd Sept. Malls 4th Sept.
for London, Hamburg, Holterdam, ADPHOTO
Ja Stralia, Aden liavre
-B0-
"SINGAPORE" loads 24th Sept, sails 19th Sept.
dur 15th Sept. front UK.
"SOUDAN"
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*
BRITISH INDIA S.N. CO., LTD.
1846 A HUNDRED YEARS OF SERVICE - 1958 "ITINDA"
from Jupani
due 4th Sept. saila 2h Sept.
"SANTHIA" dua
th Sept. aits 10th Sept.
"BANGOLA" due 24th Sept. salle 13th Sept.
far Singapore, Penang. Rangoon, Calcutta Chittagong
from Japan
for Singapore, Perlang, Rangoon Caloutta
E
from Calcutta, Rangoon & Stemis 10% Japan
Σ
·P ̧ ́ & O./B. I. JOINT SERVICE
due 29th Aug. spils 2013 Aug.
"ITRIA"
*
*
"ITOLA"
due 20th Aug. all tst Aus.
"IKAUNA" dus 12th Sept.
*
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"OBRA"
13th Sept.
due 18th Sept.
alls 10th Sept..
from Karachi, Bombay
Cochin
fur Japan
from Japan
fox Singapore. Penang, Tomliny. Karachi, Ihavnagar
from Jepan
for Stopspore, Bombay, Karachi, Dubai, Desmal Khorramaher & Kuwai
from Karachi, Cochin de Singapore for Japan
from Australia
EASTERN & AUSTRALIAN-S,S, CO., LTD. "ALAFURA"dur 45 Sept. "EASTERN" loads 8/9th Sept.
Baila 10th Supt.
for Labuan, Sandakan, nabru, Dibene, Byd- Itay. Melbourne & Adelaide
All vessels have liberty to call at any porta un or off the route à the route à saliloga are subject to change or amendment with or wilbous belics.
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