Word: corning
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Dates: during 1930-1939
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...field between the house and the road, the wheat had come up and been harvested. Across the way corn stood four feet high. The inland meadows were dotted with piles of new hay. The cows looked fatter and sleeker than ever. These good sights came under the critical eye of Squire Franklin D. Roosevelt last week when he returned to his native Krum Elbow for the first time since that dark February day he left for Washington to assume the Presidency. "Fine! Perfectly fine," he said half to himself as he drove up & down the dirt roads and appraised...
...long position in grains included 13,000,000 bu. of corn, 16,000,000 bu. of wheat, 18,200,000 bu. of rye. His operations in rye were referred to as virtually a "corner...
...Another son, George M. Moffett, followed his father's colleague, bewhiskered E. T. Bedford who quit Standard Oil, founded Corn Products, ruled it Standard Oil fashion until he died in 1931. Today George M. Moffett is president of Corn Products...
...President Edward Wellington Backus of Backus-Brooks Co. (lumber) of Minneapolis filed suit against President Gustavus Franklin Swift of Swift & Co.. Allen F. Moore (onetime Republican Congressman from Illinois), Herbert J. Blum (oldtime grain operator). His charge: that in 1928 he sold short 950,000 bushels of July corn, that they and others long 9,000,000 bushels of corn engineered a "corner" in violation of the Sherman anti-trust law, forcing up prices, causing him a loss of $300,000. Under the anti-trust law, a victim may collect damages equal to three times his losses. Multiplying...
Ignoring for the time being the stock-market collapse, the Administration lost no time in taking the grain markets in hand. Secretary Wallace learned that one plunger had been caught long of 13,000,000 bu. of corn and some 27,000,000 bu. of other grains, that his brokers would be forced to sell him out as soon as trading was resumed. "An astounding illustration of the result of individual unrestrained speculation as it affects commodity prices," moralized Secretary Wallace. To prevent dumping of these huge holdings on an already demoralized market minimum prices (fixed at Thursday...