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Wheat. . . . . . . . . . . 75? per bu...
...hogs will be absorbed by U. S. consumers. To each producer of these four staples he would give an "adjustment certificate" stating his share of the output to be thus consumed. Example: If two-thirds of the wheat crop is for domestic consumption and a farmer is raising 600 bu. of wheat, he would get a certificate for 400 bu...
...certificates, negotiable, would have fixed values as follows: wheat 42? per bu.; cotton 5? per lb.; tobacco 4? per lb.; hogs 2? per lb. After harvest the farmer would sell his full crop in the open market. Thereupon the Treasury would step in and collect as an excise tax 42? from millers on every bushel of wheat they bought for flour, 5? from spinners on every pound of cotton, 4? from cigaret & cigar manufacturers on every pound of tobacco, 2? from meat packers on every pound of hog. Thus special treasury funds would be created out of which the Secretary...
...fixed (low) price in rubles. Nominally worth 50? gold, the Soviet ruble is not quoted on international exchange, cannot legally be exported from or imported into Russia but has a value in the hands of clandestine money changers of from 3? to 20?. For 100 poods (60 bu.) of average wheat the State pays from 120 to 200 rubles. In the open markets of Moscow Province and the Tartar Republic surplus wheat will bring at least 2,000 rubles per 100 poods...
...present the chief restrictions to speculation in the Pit are the taxes which make "scalping" (small, quick trading) difficult, and the rule that all transactions of over 500.000 bu. must be reported. When Farm Board operations were at their height many speculators gave up trading in the Pit because prices were no longer subject to natural movements. Bull Cutten had his first experience with regulation in 1926. He had bought tremendous amounts of wheat and felt that "events were justifying the judgment of conditions I had formed months before when I had taken my position. By every right of commerce...