Word: rye
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Traders in the grain pit on the Chicago Board of Trade have not had so much excitement since the Cargill Grain Co. of Illinois cornered the corn market in 1937. This time it was an alleged corner in rye. As usual at such times, the air was hot last week with acrimonious charges and countercharges, all hinting at scandalous disclosures involving Government agencies and politicos...
What happened, according to the War Food Administration, was that in December 1942 big General Foods Corp., and their brokers, Daniel F. Rice & Co., began buying rye futures, i.e., promises of delivery of rye at a future date. General Foods, which ordinarily uses little rye, had a plan to use it in place of corn syrup. By May 1944 General Foods and Rice controlled 11.8 million bu.-almost 89% of the deliverable rye. Other speculators soon realized that a corner was in the making, and they waded into the market with big chunks of cash. The rye pit seethed with...
Inevitably, as the trading in rye got hotter & sharper, some traders got hurt. One of those hurt the most (he lost over $800,000) was Vienna-born Bernhard Rosee (pronounced Roo-say), a cosmopolitan gentleman who has traded on the commodity exchanges of Liverpool, Paris, Rotterdam, Bucharest, Winnipeg and New York...
Died. Colonel Jonathan Mayhew Wainwright, 80, Assistant Secretary of War under Harding, Republican Congressman from New York (1923-31), cousin to Jap-imprisoned Lieut. General Jonathan ("Skinny") Wainwright; after long illness; in Rye, N.Y. A prohibitionist, he retired from Congress rather than vote wet to please his cocktailing constituents in suburban Westchester County...
Howland P. Hall-Anne Talcott (Rye...