Word: wheat
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Dates: during 1930-1939
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Meanwhile the Farm Board's wheat stablization operations produced topsy-turvy economic results. In the face of a falling world market the Board bought Chicago wheat around 76? per bu., pegged the domestic price at that leve. George S. Milnor, president of Grain Stabilization Corp., declared: "Domestic conditions do not justify lower prices and this company will continue . . . to maintain the present or a higher level...
...Winnipeg wheat, out in the world marked, slumped 26? to 28? per bu. under the Chicago level. Liverpool prices, normally 15? per bu. above the Chicago price, were 15? below, at a 1896 low record. No on, not even Critic Coolidge, could say that price-fixing of wheat was not working at least temporarily...
...artificially high U. S. price created a new threat-namely, nullification of the 42? wheat tariff. If the world price dropped another 10? to 15? per bu. money could be quickly made by shipping wheat to the U. S. and selling it to the Farm Board. Chairman Legge wrote to Senator Capper thus...
...This wheat situation seems to be getting worse every day. Inasmuch as [U. S.] millers will always pay a premium for Manitoba wheat, any further decline in the [world] market will probably result in wheat being imported from Canada. Probably the most effective method of dealing with this would be a temporary embargo on wheat imports...
Senator Capper promised to sponsor a resolution for a wheat embargo as the next adjunct to Stabilization...