Word: wheat
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Dates: during 1930-1939
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Though far apart in the public mind silver and sugar in the U. S. have much in common. Industrially both are small compared with Steel. Wheat, Automobiles, Cotton, Railroads. Geographically both centre in the same region-the Rocky Mountain states-and use the same spokesmen in Congress to voice their demands. Politically both have power to enforce those demands far out of proportion to their size or importance. Economically both have strong allies to mobilize to their support. Last week silver, with its implication of inflation (see p. 9) and sugar, with its implication of tariff-protected industry, monopolized...
...after 1913, the Philippines. After the War more and more of U. S. sugar came from the U. S. and its island possessions, less and less came from Cuba. Cuba, who could not sell her products elsewhere, got into much the same sort of trouble as U. S. wheat and cotton producers who lost their foreign markets. To make matters more comfortable for the beet sugar industry the tariff on Cuban sugar was raised to 1¾?, then...
...many months there have been large-interests on the long side of the Chicago grain market. President Roosevelt had vowed to boost commodity prices first and at any cost in behalf of the farm producer. Last June wheat ran above $1 per bu. for the first time in three years. But even inflation talk, crop damages and drought could not hold it there, with the result that the long interests grew increasingly impatient. Mr. Morgenthau's pronouncement on rye pulled the plug in the holding dyke. There was not much sense in a heavy long position, traders argued, when...
...downswing, but something entirely different kept it going. Before grains had had time to recover, word came of President Roosevelt's opposition to any inflationary silver legislation at this session of Congress (see p. 9). The reaction in the grain market was swift. In a single day wheat fell 4⅝,? rye and barley 5?, corn 4?, oats 3?. Traders hastened to announce last week that urgent liquidation of grain holdings was over, that the market would now stabilize...
When interviewed (possibly at a into hour) on the pleasing coincidence of interests, Senator Thomas is reported to have expressed a feeling that there is no reason why silver should be less an object of speculation than wheat or gold. This is a very beautiful thought, indeed, but it is to be hoped that the Senator's remark was torn ruthlessly from its proper context. As it stands, it is a rather pitiful revelation -- of the Senator...