OCR Text |
Show SHORTS SEEK COVER AT FIRST SIGN OF ADVANCE Recovery in Sterling and Rite in Continental Rate Considered Important Furnished hjr Hsrold R. Smoot Co. NEW. YORK. Jr'eb. 26. A rally tendency ten-dency In atock and foreign exchange markets and againat this renewed weakness In cotton and grain markets were (he features In atock market yesterday. Th greater part of the list after an irregular opening was inclined in-clined to harden. Bear raiding did not meet with the aucceas It had on previous previ-ous days. It did not bring out the same quantity of atock. The main Importance Im-portance of tho recovery In sterling snd the moderate riae In continental rates was that It took away too Impression Im-pression given by the preceding days that- this was reflecting misgivings about the coming London conferences with the representatives of Germany. Rather, It made the downward turn Rather, It made the downward turn appear as merely a highly high-ly speculstlve market. The sugars sug-ars made a better response than Ihey had to the increase In price lor the refined snd to the general feeling that the new committee appointed ny the president of Cuba to look after the distribution of the present crop I will accompli!, what was expect-! and Ktabi'tze ine whole lujfar industry indus-try iilobe. Trading was on a very rest He ed scale, and continued so for the greater part of the cm -gslonnn tti-IattrrTiTT-of the dav. however, there was some Improvement which carried prices from substantial fractions to a point or more above the previous days close. The recovery In the market was due generally to short covering, but It was reported In some commission houses that the recent drive vy the professional element had forced prices down to a level which attraid -;nc outxide. buying;.- only rceutly -Judge t;ary announced that no cuts in steel prices were contemplated. beaue price cuts would necessurtty Involve a reduction re-duction in wagea. This the Judge claxsed as "wroiif and unfair." However, nian.a important manufacturers manufac-turers have cut prices and also announced an-nounced WMge reductions. Ktporiii also are coming from various iiidniriei throughout the country that they are contemplating wage reductions, to offset off-set losses incurred throu,t;. thesell-Ing; thesell-Ing; of goods at lower pricj. There is talk of the pnper industry arranging such an adjustment, and It has even reached the stage where the retail, uealers are getting into line Times. Various reports are being received It thts city from producing steel cen-ler cen-ler of low prices being quoted on moderate inquiries of steel products, indicating that some of the snialler companies which resumed operations several weeks ago. are making a special spe-cial effort to secure orders to ron-tinue ron-tinue their plants operating at le;ist part time. In well informed ateel quarters quar-ters It is pointed out that t his condition con-dition Is not unusual and more will be heard of such offers In the future. News. Tall money Is In liberal supply. While rste holds at 7 per cent on the exchange, ex-change, there Is fair amount of lending lend-ing In outside market at per cent. Dow Jones. NF.W YORK COTTON. NEW YORK. Keb. J Cotton futures opened ateady: March. IZ.OOc; May. 12.4c; July. 12.91c. October, UHc; December. u.:sc. Cotton closed steady: March. 11 0e: May. IZ.Sle; July, 12. 4&; October, IZ.tKc; December. Decem-ber. 12 3c. Cotton Hpot nulet ; middling. 1 1.Mc. |