Salt Lake Telegram | 1932-09-06 | Page 1 | Scramble of Speculators to Buy Magic Effect on Prices

Scramble of Speculators t to Buy Has Magic Effect on Prices I A ADVANCES D V AN C E S MAINTAINED Taking Profit Sales Rapi Rapidly Uy Absorbed in New Orders B Br fly United NEW YORK Sept t Commodity 6 ommo lity markets all over the world boomed today as speculators scrambled ed to th buy wheat cotton rubber and other ther s staples in the belief f an International trade recovery was in sight Heavy profit taking sales were rap- rap l d as buying orders orders' swept the worlds world's markets Prices which shot up vi violently at atthe the opening gong i in n trading centers here and abroad were firmly maintained near the days day's highs Shorts In all markets scrambled t to o cover their commitments as buy i ing ng demand showed no signs of abat abat- ing I ng Trading consequently was th the heaviest in years in many markets Wild trading took the NewYork NewYork New NewYork York rubber market where excited speculators bid prices up 43 to 84 points to new highs At the same time sharp gains were reported in the London and Singapore markets A large part of the local cama carne from abroad brokers rep reported rt d Metal markets were buoyant hero here and abroad broad as copper for lor export was mark marked d up Vi cent a pound to cents Silver futures at New York moved up 38 8 of a ounce Wheat and cotton in Liver pool England kept pace pare with tho the local centers Prospects that the strike of Lancashire textile workers workers' willbe will willbe willbe be settled shortly cotton market up points Coffee and aid d cocoa oc a mark ts d sharply higher the thc former soaring 17 to 20 points and the latter 25 to 37 points Rio coffee crossed 7 cents a pound Buying of f cotton was a accelerated after the opening by reports of widespread widespread wide wide- spread damage to th the Texas crop and anda a run of private crop estimates suggesting sug gesting a a yield for the entire belt of only about bales compared with last months month's estimates of bales and last years year's yield of more than bales Grain markets at Winnipeg and Buenos Aires reported heavy buying at rapidly advancing prices The cotton cotton cot cot- ton market at Bremen Germany opened 63 to 86 points higher October October Octo Octo- ber selling at 1026 cents a pound quoted in U. U S. S currency