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Before the take-off George Nelson Peek's Agriculture Adjustment Administration made two statistical decisions of primary importance. One was that current wheat prices were 30? per bu. below the 1909-14 average, so the Government's "allotment" to wheat growers would be 30? per bu. The other was that the U. S. consumes only five-eighths of its total wheat production, so the wheat grower would be paid on only five-eighths of his total crop. On tap in the Treasury was a $200,000,000 credit to get Domestic Allotment off the ground. Of this about...
Last week the business conduct committee of the Chicago Board of Trade sent a questionnaire to brokers, asking for lists of all open accounts in rye of over 100,000 bu. Reason: suspicion of an attempted corner in rye. Grainmen scouted the idea of even a technical corner, but none of them denied that a major operation in the rye market had by last week boosted the price of that grain from 48? to over...
...reported to have bought and taken delivery in May on 4,000,000 bu. of rye, now stored in warehouses-about half of the visible supply in the U. S. If he tries to get a corner grainmen prophesy that he will take a beating; conversely, talk of a corner may contribute to his profits. Last week he maintained his usual canny silence, for the time being in Florida which possesses not only good telephone connections with Chicago but also real estate well suited to his talents...
...highest insurance on wheat cargoes ($1.75 per $100 value in mid-October) is carried by ships out of Canada's new artificial Port of Churchill on Hudson Bay (TIME. Sept. 14, 1931). Last October the 5. S. Bright Fan, out of Churchill with 253,000 bu. of wheat, steered off her course in Hudson Strait, her compass swung untrue by the nearby north magnetic pole. She crashed into an iceberg and went down in three hours in 900 ft. of water. Canadians feared the Bright Fan's end would make Lloyd's drastically step up insurance rates...
...green growth of young grain, he found the soil all but bare on 13,000,000 of his 40,000,000 acres. Last week's report showed that 32.2% of last fall's plantings had been abandoned, an all-time record. Kansas, which harvested 240,000,000 bu. in 1931, is expected to produce only 58,000,000 bu. this year. Whether or not the farmer profits much from dearer grain and smaller crops the consumer will pay: bread will cost 1?more a loaf...