Bonds React Further Under Heavy Selling
The market shows renewed selling in bonds with U S issues steady. stocks slump as Chicago and Austrian issues weigh on sentiment. Copper, fertilizers, and railroad bonds exhibit weakness while overall weights drive prices lower amid uncertain demand and fluctuating receipts.
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Wankuneten Post
York Jane
Wheat Prices Plunge After New York Stock Market Drop
Chicago as of June 16 reports heavy selling in grain markets following a major stock exchange failure. Wheat futures for September and December hit new season lows, while July showed some resilience. December and January futures moved narrowly. Corn and oats declined, with overall market weakness tied to bearish Wall Street sentiment and bearish news from the securities market.
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Federal American Decreases Dividend and Surplus Move
Directors of the Federal American National Bank raise the quarterly dividend from 3% to 10% and authorize transferring 56,000 from undivided profits to surplus. surplus totals 556,000 with about 260,080 in undivided profits. The 2% quarterly dividend will be paid July 1 to stockholders of record June 28. Plans for a new bank building on the former Federal National Bank site are under consideration.
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