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...prices must be protected from wild speculative slumps. Secretary of Agriculture Wallace was summoned to the White House for a heart-to-heart. Board of Trade officials put their heads together in Chicago. Upshot was Government sanction of new rules which fixed minimum prices for grain (wheat, 90? per bu.; corn, 46? per bu.; oats, 35? per bu.; rye, 69?), limited daily fluctuations to 5? for wheat and other grains in proportion...
...Edward A. Crawford (TIME, June 19) was resumed. Also there was talk of a rye shortage due to 1) expected use of more rye flour in bread as wheat prices rise; 2) expected large demand for rye by distillers. In one day 7,000,000 bu. of rye were sold. (Total U. S. rye crop is normally about 40,000,000 bushels.) Report was that, attracted by high prices, 600,000 bu. of Canadian rye had been bought for import (in spite of the duty of 40? a bu.), that buyers were eagerly negotiating for more rye in Argentina...
...only agricultural product which was on the minds of the President and his Secretary. A basic credo of the New Deal is that you can raise the price of raw materials a lot without raising much the cost of the products they go into. The 30? per bu. processing tax on wheat, just effective, was passed on in toto to bread consumers. In Chicago and downstate Illinois, a 1-lb. loaf rose from 5? to 6?. The 24 oz. loaf, price 10?, was reduced to 20 oz. New York City was hit in the breadbasket when...
John Wheatman raises an average of 1,000 bu. of wheat but gets paid only 30? per bu. on 625 bu., his ratio of domestic consumption. Before Sept. 1 he will collect $125. After next year's planting he will be eligible for $62.50 more...
Secretary Wallace was asked if farmers would join Domestic Allotment. Said he: "A gratuity of 30? per bu. for wheat is a nice piece of change...