Cotton market steady amid covering and trade buying
New York on March 29 reported a fairly good cotton business with prices generally steady as traders covered positions and engaged in near month demand amid a scattered buying interest.
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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Mar 30, 1930
Page
15
New York on March 29 reported a fairly good cotton business with prices generally steady as traders covered positions and engaged in near month demand amid a scattered buying interest.
May contracts rose to 15.90 and closed near 15.88 as the market held steady with net advances of 10 to 15 points. July climbed to 15.95 and the old October to 15.62, while new crop readiness supported a firmer technical position with much covering activity noted.
Six of the immortal signers of the Declaration of Independence practiced medicine.
Eastern standard time schedule listing radio programs and stations including WEAF WABC WJZ WGY WGN WOR across major markets with hourly lineups and titled performances featuring orchestras theater programs religious hour and specialty shows on Sunday March 30 from Associated Press.
Bullish activity surged in a short New York session with a record 2 791 170 shares traded. Major indices rose over 1 point with many stocks at new highs since the autumn crash led by American Telephone and Allied Chemical as others climbed and held gains.
The report notes rising issues on the Chicago Great Western reaching new highs as preferred shares jump to half their price and common shares rise over 2 points. Columbian Carbon drops near 10 points, Vana dium and Auburn slide, Studebaker falls to a new 1830 low, while commodities firm with cotton futures up around a half cent and wheat gaining on favorable weather. Foreign exchange remains quiet with sterling at 4.86 5/8.
Convertibles led activity on the New York Stock Exchange with three issues accounting for about 40 percent of two hour turnover. American Telephone 442A rose to 183 and finished near the top for a 5 point gain amid over 1.92 million par value turnover. Baltimore and Ohio 445s held at 104% as Warner Brothers Picture 6 showed a new high before a small loss.
Trading in road general 4s rose 8 on the day. New York Central 3%4s Louisville and Nashville 4%s Baltimore and Ohio 58 Southern Railway General 4s improved. Utilities and industrials steadied American Telephone 1s of 1965 held around 163. Foreign bonds sagged with British 5% up modestly. Italy moved narrowly as Liberty Fourth 44s rose. Treasury 4s eased 7-32. overall turnover small except for a few issues.
In New Orleans on March 29 the cotton market showed modest gains in a short session with October futures leading due to drought reports in Oklahoma and West Texas. Liverpool opened higher and the gains narrowed by close, May opening near 15.50 and finishing around 15.51 with overall day advances of 5 to 12 points.
In New York on March 239 cotton goods held steady with spot and April activity in gray goods. Blanket prices rose while Raweilk sales cooled. Hosiery and fabric makers cut orders due to weak trade. Wool goods showed steadier tones with moderate advances, Calcutta prices irregular and local quotas largely unchanged.
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