Word: wheat
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Dates: during 1930-1939
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...Politicians of the Harding-Coolidge era (1921-29) the phrase "Dollar Wheat" was the sorriest raven-croak of agricultural depression. It suggested unpaid mortgages, political revolts, elections lost. When in July, 1923, wheat dropped to 96^ per bu. there was something akin to panic in Republican Washington, with wild talk that a Republican could not be elected President the following year...
Last week the Federal Farm Board was back in the wheat market buying futures. Good times, not bad, put it there. There was a crop failure in Russia. U. S. grain prices spurted up and away from the weak security market. Talk of "dollar wheat" got back in press headlines. Farmers, faintly smiling, began paying off long overdue bills. A corner of some kind had been turned in wheat history...
...grain's Black Monday. Wheat in Chicago wilted down to 44?¢ per bu., an all-time low. Then began the steady slow climb out of the depths. October closed with an average gain of 33% in all grain prices. December wheat went to about 61¢ per bu. adding $67,000,000 to the crop's value in less than four weeks. In the same period corn bounded up 10¢ per bu. with an increased value of $216,000,000. Oats ($40,000,000) and rye ($5.000,000) brought the total increase of grain values to $328,000,000 above...
Chicago traders attributed this rise in wheat prices, with other grains tagging along, entirely to the Soviet crop failure. Not only was the Russian production short but grade was inferior. Russia had contracted to supply many a European market with wheat which did not exist. While Soviet officials scrambled to buy back their contracts, France, Germany, Italy turned to the U. S. and Canada for their supply. The Australian and Argentine crops would not come in until January. Meanwhile Europe was reported to have a scant four weeks supply (65,000,000 bu.) of wheat on hand fit for milling...
...White House President Hoover commented upon a number of things which pleased him. The Federal Reserve System ratio of reserves to deposits and notes remained unchanged for the week at 59.9%. Currency in circulation decreased $24,000,000, showed hoarding less popular. Wheat was up 20? from its low; cotton advanced $6 a bale. Appearing in Washington before the Senate Committee on Manufactures, New York's important Banker Albert Henry Wiggin (Chase National) was questioned by young Senator Robert Marion La Follette...