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...also jittery. Overnight, the stock-market greeted the return of business freedom with an opening rally, then dropped sharply, declined for the rest of the week. Uncertainty over the future of NRA and other New Deal legislation precipitated a general break in commodities. Wheat sank 5? per bu. to the lowest price this season, 81¼?. Cotton dropped under 11? per lb. Sugar lost most of its recent gains in the wildest trading in a decade, and Cuban sugar securities nose-dived on the fear that the island's reciprocal trade pact might be annulled as an unconstitutional delegation...
...riding the rails. He had set himself up in machinery business in Chicago. The War dumped fat marine contracts into his lap. but the post-War collapse nearly ruined him. He and his brother had procured an old sailboat, picked up peaches at night in Michigan for 90? a bu. and sold them in Chicago next morning for $3. Finally Frank Parish had turned up in Kansas City selling gas pipes. What gas men wanted to know, was a 32-year-old pipe salesman who had made his comeback in peaches going to do with a company like Missouri-Kansas...
Rosenbaum Grain Corp. has one of the largest storage capacities (18,000,000 bu.) of any grain house in the U. S. On busy days fast-talking Manny Rosenbaum. a cigaret hanging on his nether lip, keeps the grain pit lively with his orders. On dull days the pit brokers sometimes amuse themselves at his expense by parodying the German melody "O Tannenbaum" with loud choruses of "O Rosenbaum, O Rosenbaum...
Every broker knew what the "peculiar circumstances" were: with 4,000,000 bu. of wheat, rye, corn and oats, Rosenbaum Grain Corp. had gone to the wall the previous afternoon. The scarcity of wheat caused by Drought had eaten into Manny Rosenbaum's warehouse business. Income from storing other people's wheat (1½? a month per bu.) had sunk out of sight; in its place was a heavy drain on cash for upkeep and taxes. And loans from banks were large. Rosenbaum Grain Corp. filed petitions in Delaware's and Chicago's Federal Courts...
Here he was in luck. He soon discovered that of Manny Rosenbaum's 4,000,000 bu. of grain contracts, the commitments on the long side were more than offset by contracts on the short side. Liquidation would not dump quantities of grain on the market at once. By agreement with the banks, who had most of Manny Rosenbaum's spot grain as collateral, the Board of Trade Clearing House selected a group of independent brokers (whose names were kept secret) to close out the Rosenbaum open contracts privately. Within a half hour after the market opened. President...