Market declines and brief rally mark tough February trading
The market faced heavy selling as call money rose to 14 percent and foreign exchange weakened. A midday rebound occurred as the pound rose to 3.30 and steel held above par, but prices slipped again by close. Observed factors included reported cotton embargo rumors, high copper sales, and mixed results for Midvale Steel and American Smelting.
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Chicago Grain Market Prices Amidst Volatile Futures
Market notes show varying futures for Perk and Lard with contracts listed for Feb May July and Sept. Prices move in tight ranges amid fluctuating highs and lows. Notable figures include May July and Sept entries with fractional cents and percent changes, reflecting a unsettled trading session in Chicago.
Money Market Rates and Calls
Outside brokers offer quick call rates from 6 to 10 percent. Customers’ brokers call at 10 percent. Commercial paper yields range from 6 to 64 percent. Year money fixed at 6 percent.
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