Evening star., 1948-02-11
Nv the Assoeioied Press


Grain and cotton prices showed
some rallying tendencies this
afternoon after falling the limit
earlier.
They were the leaders in a down.
ward plunge of commodity and Sc
curities markets for the second
consecutive day.
Stocks continued down in late
trading but to lesser extent than
at the opening. The range was
from fractions to point losses for
most Of the list. ,
The reaction of the price break
that first cracked week ago today
was felt in markets around the
world. At London, however, stocks
regained practically all of the days
losses before the close. At Manila
prices were down fractions to 50 and
at Sydney, Australia, share values
fell as much as 10 per cent. The
Copenhagen Stock Exchange today
quoted industrial stocks off to 3
points and shipping stocks from ll2
to 5 points.
Some Grains Recover.
Prices of wheat and corn fell the
limit OF 10 cents and cents re-
spectively, a few minutes after the
Chicago pits opened this morning.
The rallying tendencies cropped
up about noon and some wheat and
corn recovered 4 cents bushel
from the days low.
Cotton prices recovered as much
as S4.60 a bale from the days low OF
around 81 bale in New York as
short covering and trade buying be-
gan again.
Cocoa and hides fell in New York
commodity markets. Butter was
down as much as 21s cents pound
for top grade in the New York
wholesale market.
Tallow and grease prices fell a
cent o pound and are down 9 cents
since mid-January.
Hog prices at Chicago were SO
cents to 50 q hundred pounds higher.
Arrivals were the smallest for a
wednesday since October 9, 1946,
the last week Of ceiling prices. Only
$500 hogs were on sale at Chicago.
Cattle and sheep prices remained
steady.
New York retailers reported Gus
toners were becoming extremely
wary in making purchases. They
said shoppers were buying on day
to-day basis and waiting for costs
to drop.
Cotton Drops at New Orleans.
Cotton prices at New Orleans
nearly $1s a bale under heavy Hq-
lidation. The limit of decline is
$40. but directors adopted an emerg-
ency trading rule for today only un-
der which some prices can fluctuate
as much as $40 a bale below Mon
days close.
The New Orleans exchange was
closed yesterday because of. the
Mardi Gras celebration. Exchange
spokesmen explained the wider
trading limit will permit the mar
ket to adjust itself to New York
levels.
On the New York Stock Ex-
change the further decline in share
prices uncovered enough timid bid
ding to provide a measure of bal
aa1ce at the lower levels. There were
some recovery tendencies, but the
nervous fluctuations limited the
swing in either direction.
Brokers reported some support
stemmed from short covering and
professional buying for quick-turn
profit in anticipation of temporary
correction of recent sharp drops.
Weakness on stock exchanges abroad
was q restraining influence, along
with doubts over tax legislation and
labor's probable moves.
Lower most of the day were Ana
conda Copper. Kennecott, Amer
ican Smelling, Union Pacific. South
ern Railway, Rock Island United
States Steel, General Motors, Amer
lean Tobacco "B." Standard Oil of
New Jersey, Electric Power & Light
and Montgomery Ward Resistant
were Douglas Aircraft, Gulf Oil,
Texas Co., Johns-Manville, Youngs-
fou-,, Cheet opd Crhenley