Word: wheat
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Dates: during 1930-1939
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...Farm Board's activities last week caused widespread commotion among private wheat dealers. No man has opposed "price-fixing" more vehemently as a feature of farm relief than President Hoover. But wheat dealers, forced aside by National Corp.'s policy of buying only from member coöperatives, could see no difference between "price-pegging" and "price-fixing." They bombarded the White House and Congress with angry protests, claimed that they were being discriminated against as taxpayers by the Government, called the Farm Board's policy "Communistic" and "Socialistic." Eastern editors deplored the spectacle...
...Board has a credit balance big enough to buy every bushel of wheat on the American market...
...Farm Board's wheat loans and purchases put it in a position that would have given any good banker nervous prostration. Chairman Legge and Secretary Hyde hastened to Chicago to confer with agency officials. The Government had more wheat than storage space. In Chicago, Chairman Legge, almost as if confessing an error, changed the Board's policy, announced...
Although Chairman Legge and Secretary Hyde insisted that private speculators were largely responsible for last week's wheat break, other economic reasons were obviously responsible: 1) an extraordinary world wheat surplus, with a consequent lack of foreign demand; 2) a "holding policy" promoted by the Farm Board which could not withstand a falling market; 3) falling due of farm taxes and mortgage payments requiring cash...
...Atlantic Monthly. He warned that the Board's practice of "setting aside economic law" and fixing an arbitrary loan price for crops will lead directly to overproduction and the piling up of unmarketable surpluses. He cited past prices to prove that the Board's exhortation to "hold wheat" makes the farmer "far more likely to lose than to gain by the delay." Said...