Selling Wave in Chicago
(Rec. 2 p.m.) NEW YORK, Sept. 12. Commodities for future delivery tumbled in Chicago today under a series of selling waves. Butter dropped 3 cents, and eggs 2 cents, which iri each case is the daily limit permitted on the Chicago Mercantile Exchange.
Wheat ended 4 to 9 cents lower than at yesterday’s close, and corn 53 cents lower to one cent higher. Market observers said prices were being driven down by buyers’ resistance, talk of restoring public controls and increase in margin requirements on the Chicago Board of Trade, the nation’s largest basic grain market. Some relief was promised at wholesale and retail level by today’s plunges, but not for several weeks.
In Washington the Labour Department reported that record-breaking wholesale prices at the end of last week were only 7 per cent below the all-time high reached in May, 1920 —immediately preceding the sharp, business recession 'of 1920-21. (GRAIN CHECKED.—PAGE 4.)
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Northern Advocate, 13 September 1947, Page 5
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157Selling Wave in Chicago Northern Advocate, 13 September 1947, Page 5
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