After May had traded at 28.35 and
July 27.37 right after the opening call,
or 28 and 17 points net higher, re-,
spectively, prices declined steadily un
til May dropped to 27.50 and July to
27.69, or 85 and G8 points down from
the early high, yhe Market then ral
lied and May ultimately traded as
high as 28.45 and July at 27.58, or 10
to 11 points over the early high. Prices
eased off from the top in the late trad
ing and the close showed net gains for
the day of 17 to 26 points on old crop
months and net losses of 2 to 7 on the
new.
i me marKet had a ralrly good start
[ despite the fact that cables were hard
ly as good as due. Old crop months
were soon 6 points nctthigher for March
and as much as 28 up on May, while
October, traded 10 points net higher.
The early improvement was due to
shorts covering on the ground that the
t market looked oversold, and on indi
I cations of an early ‘change to bad
! weather as the map showed rather a
marked low area in the central west.
By the end of the first hour, rather
active selling was resumed, started, it
was claimed, by reports from Washing
ton to the effect that*there would soon
be further and Important developments
in the oil scandal. Prices eased off
rapidly, particularly for the May po
sition and later in the morning May
sold as low as 27.60 and July at 26.69,
or 68 to 86 points down from the early
high.
