PRICE RECOVERY
UNITED STATES MARKETS. HEAVY BUYING OF GRAIN. New York, November 7. Reports of improved business conditions have been received to-day from all sections of the United States, ’.he advances in wheat and oil prices being definitely linked to the revival. The stock market also participated in last week’s recovery, with numerous two to four point advances. Silver bullion, which had already risen 3 3-8 cents per ounce during the week, increased by three-eighths of a cent to-day.
At the same time an enormous volume of public buying threw the Chicago Board of Trade wheat pit into an unprecedented frenzy, although the usual week end profit-taking caused fractional sessions. Simultaneously spurred by reports of a rye shortage throughout the world, that grain jumped to the forefront to-day, advancing three and a half cents per bushel. Maize showed fractional gains. The startling grain trading expansion is estimated to have benefited American farmers to the extent of 500,000, 000 dollars during the past week. Other optimistic reports included an increase in the United States Steel Corporation’s steel ingot production and the return to the United States of 39,000,000 dollars in gold.
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Bibliographic details
Hawke's Bay Tribune, Volume XXI, Issue 279, 9 November 1931, Page 8
Word Count
190PRICE RECOVERY Hawke's Bay Tribune, Volume XXI, Issue 279, 9 November 1931, Page 8
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