Word: bales
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...last week came Japan's great attempt to stabilize the silk market in the same manner the U. S. Farm Board has attempted to stabilize grains and cotton. The great Japanese surplus of 108,000 bales (14,144,000 Ib.) which has overhung the world's silk markets for many months was sold to E. Gerli & Co., Manhattan silk commission merchants, for $16,320,000, a sum which will come in handy for the war-worried Japanese Government. The price came to $150 a bale against an open market price of $178 for "crack double extra" (basic grade) silk...
...last week New York Stock Exchange values jumped $3,000,000,000 in five trading hours. The next market day they surged up another $4,000,000,000 in two hours. The rise was the sharpest and strongest in months. Simultaneously cotton moved up $1 per bale. Wheat spurted 1¢ and 2¢ per bu. Commodities bulged hopefully. The cause: A bill (House of Representatives No. 9203) "to improve the facilities of the Federal Reserve System for the service of commerce, industry and agriculture, to provide means for meeting the needs of member banks in exceptional circumstances and for other purposes...
With British mills more active, consumption in October running 69,383 bales higher than a year ago, it was natural that cotton should join the movement, that last week's price of $33.50 per bale should be 22% higher than the year's low. Although the crop is large, unfilled orders for cotton cloth jumped 51.7% during October...
...with an increased value of $216,000,000. Oats ($40,000,000) and rye ($5.000,000) brought the total increase of grain values to $328,000,000 above what they were on Black Monday. The upswing was also felt, in cotton, with an increase of $6 per bale...
...commented upon a number of things which pleased him. The Federal Reserve System ratio of reserves to deposits and notes remained unchanged for the week at 59.9%. Currency in circulation decreased $24,000,000, showed hoarding less popular. Wheat was up 20? from its low; cotton advanced $6 a bale. Appearing in Washington before the Senate Committee on Manufactures, New York's important Banker Albert Henry Wiggin (Chase National) was questioned by young Senator Robert Marion La Follette...