Word: ibs
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Last week the Government got out of the market, stopped buying for the stockpile. Prices settled back to $1.34 a Ib. To keep U.S. industry from bidding the price up again, the National Production Authority this week took control of all tin imports, announced it will allocate tin to industrial users. There seemed no reason why the same tactic could not be employed to bring down the price of other commodities, such as lead, wool, zinc and tungsten...
...gongs, the cotton ex changes of the U.S. opened last week, after having been closed down for almost six weeks. They decided they could trade in futures and spot cotton under the Office of Price Stabilization order that set a basic ceiling on raw cotton at 45.76? a Ib. and futures at 45.39?. In near futures, prices went to the ceiling and stayed there. Spot cotton prices edged up but were still under the ceiling. With cotton farmers expected to turn out a bumper crop this year, distant cotton future prices were well below ceiling...
...most effective controls on meat began to come last week from the housewives themselves. They were refusing to pay $1.30 a Ib. for loin of lamb, $1.10 and up for sirloin, as much as 70^ for hamburger. "The way people are buying," grumped Chicago Butcher Louis Blut, "I think they are living...
Mike Di Salle made his first move last week to control prices at the farm level. He put a ceiling on cotton (previously frozen at the gin level) at 45.76? a Ib. The ceiling, which was the highest price that cotton sold at between Dec. 17 and Jan. 25, was 125% of parity and 40% above pre-Korean market prices. Said Di Salle: "Most people will agree that this is a perfectly fair figure...
...peace talk was good for stocks, it was bad news for war-inflated commodities. At week's end grains, wool, hides and cocoa went tumbling in the futures market. So did cotton, which a few days earlier had reached its highest price (44.14? a Ib.) since the Civil War. The Dow-Jones futures index plunged 5.71 points, a record break for a single day, and lowest since...