Word: ryes
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...wartime rye market-the one grain on which there were no ceilings-the sky was the limit on the wild speculation. Last week a Department of Agriculture referee, in preliminary findings, told just how wild it was: he found General Foods Corp., Daniel F. Rice and Co., and four members of the Chicago Board of Trade guilty of trying to corner the rye market...
General Foods, said the referee, first went into the rye market in December 1942 (General Foods' reason: to hedge against losses in wheat and corn). General Foods' Executive Vice President Charles W. Metcalf bought so heavily in rye and rye futures (i.e., contracts to receive rye at a future date) that by December 31, 1943 General Foods was close to having a corner with 76% of all the deliverable rye in Chicago. The worried Chicago Board of Trade meanwhile got Metcalf to promise that General Foods would buy no more rye without the board's consent...
...Futures. Shortly thereafter, General Foods hired Chicago Broker Daniel F. Rice & Co., supposedly to sell its rye. Instead, Broker Rice bought heavily in May 1944 rye futures for himself and 23 of his customers...
...April 29, 1944, the corner seemed vise tight. General Foods, Rice and their cohorts had May futures contracts calling for delivery of 5.7 million bu. of rye. But there were only 4.2 million bu. of rye available in Chicago. Speculators who had sold rye short, gambling that the price would drop before they had to deliver, scurried for cover. They had to find rye or pay through the nose...
...seems to be interested in buying Marlowe out of the case, either by fiscal or physical currency. Still another compensation (Dorothy Malone), after only a few minutes' talk about rare editions, pulls off her glasses, shuts down her bookstore, and spends the balance of a rainy afternoon drinking rye with Sleuth Bogart...