MARKETS IMPROVE

Hokitika Guardian, 31 August 1932, Page 5

MARKETS IMPROVE

FOLLOWING REPORT

OF BIG INTERNATIONAL LOAN.

(United Press Association—By Electric Telegraph—Copyright.)'

MONTREAL, Aug 29.

As a culmination of the steady upward economic movement in the past montii all markets surged strongly forward to-day. The commodity and stock markets here, as well as abroad, responded to a bull impetus. Cotton sold at ten cents a pound at New York for the first time for 13 months. Frantic buying occurred in rubber. Sugar gained two points. .Cocoa spurted by twelve to twenty-three points. Wheat futures rose one and one-eighth’ to one and five-eighths cents. Sensational buying of silk from Yokohama and Kobe brought a sharp rise in that commodity here. '' The New York stock tnarket responded moderately, the list on the average showing increases, despite the announcement of the bankruptcy of the United Cigar Stores, the greatest chain tobacconists in America, and a petition for a receivership for the Inter-Borough Rapid Transit Company, operators of the New Y r ork city subways,

The speculation here followed a week-end London report that Mr Montagu Norman-, who arrived here recently, was discussing with the principal bankers a 3,500 million’ dollar -international loan, for. complete liqiiidation of waiv debts and reparations. The report was not confirmable. Best informed banking opinion discounted the Norman report, and attributed the commodity rise to “release of credits” or easy money made available by British and American Governments. Those in close touch with the situation also ascribed %he occurrence to the Ottawa Conference where the need Ppr increased commodity prices was easily seen, arid' provided for. -