ERRATIC SESSION
CHICAGO WHEAT MARKET
ANOTHER TERRIFIC SETBACK ON N.Y. -CHANGE.
WEALTHY TRADERS LOSE HEAVILY.
tOnlted Preet Association—B» CableCopyright.)
(Received 13, 11.20 p.m.) New York, Nov. 12.
The Chicago wheat market went through an erratic session to-day. Prices dropped sharply then rose a few points to fall again towards the close. The net losses for the day were over six cents on all deliveries. Contributory factors were demoralised foreign trade and a stock slump. Wheat closed: December 112 s, March 120, May 124. The New York stock market took another terrific setback, prices dropping rapidly when bears raided the United States Steel Corporation. Millions of dollars were chipped from the already impaired values. Later the descent was followed by a weak recovery. Trading was tremendous, with the tickers fat behind. Traders on the flood had the greatest of difficulty in finding the exact quotations. At the close, support was completely lacking and wealthy traders were the most heavy losers. Much qf the pressure started from further liquidation of margin accounts. Call money was six all day.
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Bibliographic details
Hawke's Bay Tribune, Volume XIX, Issue 282, 13 November 1929, Page 7
Word Count
176ERRATIC SESSION Hawke's Bay Tribune, Volume XIX, Issue 282, 13 November 1929, Page 7
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