Two Rallies

On Oct. 5, the price of May wheat was 48 3/4-c- a bushel. Last week it rose to 61 3/4-c-. Bullish factors were: a reported 16% decrease in winter wheat acreage; the return of several bull operators to the Pit after a long absence; heavy buying from England in anticipation of a tariff; covering of short positions and long-buying from foreign interests who were heavily short around the lows. Cotton advanced slowly, steadily. Factors were a September rate of consumption better than that of last year, reopening of many Lancashire mills after the pound's fall, also British buying against a possible tariff. The revival of prices in these two big commodities brought cheer to Wall Street, Washington, and many a harassed farmer.

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