Word: grains
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Dates: during 1920-1929
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...wheat trading pits a "pink ticket" is the receipt for grain purchased but undelivered...
After Mr. Barnes had testified, Chairman Legge publicly corrected him: "The Board did not alter its policies as a result of the hearing given the grain trade nor has the board agreed to submit its policies to the grain trade before action. . . . I don't think Mr. Barnes intended to convey this impression...
What caused widest concern among farm cooperative leaders was the revelation by Chairman Legge of how his Board would handle future wheat loans: The Board would advance its funds to the National Farmers Grain Cooperative at 3½% which in turn would farm out in smaller loans to individual cooperatives, adding "a small additional charge," presumably 2% or 3%. In effect the cooperatives would be paying the same rate-6%-as private commission men for cash. Chairman Legge carefully explained that whatever profit the national cooperative made from the additional interest imposed would in the end go back...
...Your announcement is a surrender to these grain people . . . a disclaimer of any intention of a desire to be helpful to cooperative associations and a determination to disregard both the spirit and intent of the law. . . . If the policy of the board is to be determined in secret meetings with the speculative interests, the board is functioning in the interest of the grain people and in opposition to the farmers...
...Grain crop values sagged from 4,008 million dollars in 1928 to 3,800 millions in 1929; cotton from 1.535 millions to 1.426 millions...