Word: traders
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Dates: during 1970-1979
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...International Emergency Economic Powers Act. Cries of "Food for crude!" are starting to be heard. The White House, however, has no present intention of halting food supplies. If the U.S. later plugs up this cornucopia, Iran will be less vulnerable than it once was. As a Persian grain trader says, "We are earning $24 billion a year from oil. We can buy food any place we want...
Without hearing a word of what is being said or shouted, any experienced trader on the floor of the New York Stock Exchange can listen to the hum of voices around him and tell what is happening. An up market has a different pitch from a down market. But old Wall Street hands vividly remember an exception to that rule. One day 50 years ago next week, recalls David Granger, 76, a senior partner at Granger & Co., a Wall Street brokerage house, "there was a hush over the floor that I've never heard since. It was funereal." Indeed...
...Chicago Mercantile Exchange, a veteran trader emerged from a day of trying to cope with roller-coaster price changes in the pit where live cattle are traded to exclaim, "I've never experienced anything like this in my life!" In Florida, where the action this year in condominiums has been hotter than the summer sun, mortgage bankers felt a sudden chill. Said Charles Stuzin, head of a Miami savings and loan association: "People are asking, 'What's going to happen tomorrow?' Everything has moved so quickly, no one can make any plans...
Those who trade in gold should logically be as euphoric as Forty-Niners striking a new lode. But logic does not govern this market. "It's terrible now," says Richard Lowrance, 23, a trader who fills customers' orders at the Chicago Mercantile Exchange. "Since gold went over $350 an ounce, the volatility has increased fivefold. Our volume has dropped...
While Lowrance glooms over gold's fickle ways, he is suddenly surrounded by gold-jacketed runners and other traders clad in bright red, green and purple coats. They talk excitedly about a broker's blunder: the man has made a mistake in filling out a customer's order, and it will cost him $2,500. A runner asks: "Does that mean we won't be going out to dinner tonight?" "No," answers a trader. "It just means we'll be going to McDonald...