HUGE LOSSES ON FRIDAY.

Press, Volume LXIX, Issue 20915, 24 July 1933, Page 9

HUGE LOSSES ON FRIDAY.

tremendous turnover

GOVERNMENT'S PLAN FOR

EMPLOYERS

(Received July 23, 6.50 p.m.) NEW YORK, July 21. With futures trading suspended by the Chicago Board of Trade to-day, the remaining commodity markets underwent a third consecutive day of heavy liquidation, with prices uniformly lower. Stocks lost from two to 22 points, with a turnover of 9.574,000 shares, the largest volume of trading since October 20, 1929, and the fourth largest in the exchange's history. Near closing time there was a mild rally, but it did not develop with sufficient strength to counteract the day-long sinking of prices. For a time selling orders were coming in so rapidly that the exchange machinery was scarcely able to handle the transactions. Sterling opened at 4.72 i dollars, dropped to 4.57, then rallied and dosed at 4.68^. Meanwhile from Washington (here came indications that Mr Roosevelt was prepared to take measures to stabilise grain prices. He has called a meeting of exchange officials for Monday to discuss methods to curb the heavy fluctuations. Drive for Recovery. To day a nation-wide drive started to implement the blanket recovery code for industry and business. All employers, excepting farmers and housekeepers employing more than two persons, will be urged to observe shorter hours and to increase wages with the immediate objective of the re-employment of 6,000,000 persons by September 1, thus increasing the nation's purchasing power sufficiently to maintain higher production and price levels. minimum price for WHEAT. FLUCTUATIONS LIMITED. (Received July 23, 6.50 p.m.) WASHINGTON, July 22. The Department of Agriculture to-day approved the proposal of the Chicago Board of Trade setting the closing prices as those of Thursday, the last market day, as the minimum below which no trading will allowed until further notice. Fluctuations for any single day's Movement in wheat will be limited to five cents and other grains in Proportion. Wheat closed on Thursday as follows: —July, 90 j*ntg; September, 91 cents; Decem"w 95j cents; and May, one dollar a bushel. WHEAT FIRMER AT WINNIPEG. (Received July 23, 6.50 p.m.) WINNIPEG, July 22. Wheat rose from an early 11 cent on Saturday with a broad active rally and closed 41 to 4J etl ts lower than on Friday.