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...months the price of wheat has slumped lower, the Federal Farm Board has charged that grain speculators were manipulating the market to discredit the Board's efforts to help the farmer. When fortnight ago Vice President Curtis and Senator Watson begged the Board to hold its 200.000,000 bu. off the market long enough for prices to rise, Board officials obliquely declared that such requests were inspired by avaricious wheat traders plotting to rob the farmer. Few persons appeared to heed these vague accusations. But last week the Farm Board took them to the White House, got President Hoover...
...often unlucky, picked a bad day in which to flay short wheat speculators as the cause of depressed prices. Almost at the same hour the Department of Agriculture was distributing its July 1 wheat crop estimate. This year's anticipated harvest was set at 869,013,000 bu., an increase of 5.583,000 bu. over last year's bumper crop. Such harvests stack one surplus on top of another, send prices down correspondingly. Acreage which the Farm Board has been pleading with growers to reduce 20% was cut less than 5%. While flaying short- sellers, President Hoover made...
...market, up prices. At about the same time in Washington, James Eli Watson of Indiana. Republican floorleader of the Senate, was beseeching the Federal Farm Board to reduce the U. S. wheat surplus, relieve the market, up prices by drastic action upon the Board's 200,000,000 bu. of wheat. Senator Watson as spokesman for the Senators from wheat-growing States did not seriously propose that the Board destroy its vast holdings by fire, much as such a spectacle might delight U. S. husbandmen, but he did strongly urge the Board to cease selling wheat for at least...
...making all sorts of political trouble for the President. He advised the President to influence a change. At first the President was reluctant to interfere. But when Senator Watson finished explaining how wheat growers held the Farm Board-and the Republican Party-responsible for low prices (35^ per bu. in Kansas), the President dispatched a message to Chairman Stone in which he "suggested" that "in view of unusual conditions growing out of the Depression ... it would be wise for the Farm Board to consider a more definite policy in respect to sales...
Recalling the financial distress of the Lambs Club last summer (TIME, July 7) pessimists might see in the N. V. A. club-house's closing another indication of the paupery of the theatrical profession. Bu the N. V. A. club has always run an annual deficit. For years Edward Franklin Albee variety tycoon (Keith-Albee), footed thi losses until his death in 1930. A recent drive to get members to pay their bad bills amassed some $60,000, insufficient to keep the place open. It will probably b turned into a hotel...