Hide Exchange

To Manhattan last week came a Hide Exchange, the only Hide Exchange in the world.* More than 2,000,000 pounds of hide futures, with a money value of about $350,000 changed hands during the first day's trading. August hides sold from 16.78-c- to 16.82-c- a pound, with the sale unit 40,000 pounds. President of the Exchange is Milton Robert Katzenberg. vice president of Andreson Stern, Inc., Manhattan hide establishment.

Far from prosperous has been the U. S. Hide & Leather industry during the first quarter of 1929. Hides would sell at 19 1/2-c-, then would come a period of stagnation, then trading would reopen at 16 1/2-c-. there would be another stagnant period, then another reopening at 15 1/2-c-. It was like a Wheat Market which opened only one day a week, and a falling market in which lack of continuous trading made it difficult to get out from under on future contracts that would result in a loss.

Said President Katzenberg: "Abrupt price fluctuations are most devastating to dealers, tanners and importers. With the Exchange in operation there will be a ready market, and while the trend will be governed by actual conditions prevailing in the trade, fluctuations will be reasonably regulated and [traders] will have an opportunity to make hedge sales whenever they feel inclined to."

Other commodity exchanges in Manhattan include National Raw Silk, National Metal, New York Metal, New York Cotton, New York Coffee & Sugar, New York Cocoa, New York Fruit, National Malt & Hop, New York Poultry, New York Produce (oil, flour, provisions, grain) Exchanges.

* The Hide Exchange deals only in hides of the cow family. Individual hide houses handle also horse hides, deer hides, but these hides have no Exchange. Skins of other animals are dealt with by furriers and taxidermists.