New Britain herald., 1930-02-26
RALLY FOLLOWS WHEAT DECLINE:
Wild Scenes as Grain Hits 9S
 Cents, Rebounds to S1.O4

Chicago, Feb. 2G (CPD-rhc Chi cago wheat pit malcstrom where millions have been won and lost, where q rcchalked figure means financial triumph or ruin, where the toll of hundreds of thousands of farmers is translated into terms Of now automobiles and radios, or of mortgages, held another battle of the grain giants today.
 The roar Of the pit was caught mp on the echo of yesterdays close, which came on the crest Of a buy ing wave that parallcIcd the widest moments Of war days in the grain market.
 Price forced up t2ain
 Buyers stampcdn2 in the last minutes yesterday forced the price Of wheat back to $1.0t. within a fraction of Mondays close. It had plunged to 9S cents during the day.
 twill it go up or down"
 That question gIcancd from the eyes of drawn-taccd traders. It sent noormcu showing. loaping and shouting 10 get orders recorded. It Wickcncd the fingers of the board boys as they sped to post quotations
 Similar scenes were enacted in the major wheat markets of the continent. because what happens in Chicago pit, located in the largest grain market in the world, governs the tempo Of trading in the other wheat centcrs.
 This battle, where a cent advance is H victory and Il fractional drop is q bitter defeat for the farmers and their wives and children out in the Dakotas, on the Kansas plains, or on the central prairics. is different than any of the historic ones of the past.
 Board Bought Wheat
 Many individuals and combines have fought to "corncr" the wheat market. This struggle secs new antagonist in the fray, the federal farm board. Through ifs atabiiza- tion corporation, the board was said to have bought wheat freely ycstcr- day. IL was reported 10 have taken between 3.000,0o0 and 4.0Oo, GOO bushels on the Chicago market in the last minute buying rush.
 Those millions of dollars thrown into falling market were credited with halting the price plummet and if so siGnalizcd the first aior ac- tiVity of the governments effort 10 hold prices ot foodstuffs above a set minimum.
 How many bushels Of grain changed hands yesterday in the greatest avalanche of selling in months had not been announced, bot veteran traders estimated the total at between 150.000,000 and 800. GOO. 70 GOO, It was estimated that the fall in price of recent months climaNCd by inc dcbaclc yesterday had re duCcd thc value of world grain by S2,i00 900, 900 and that the value of American grain was SaSo,oG0, 0oo under the peak Of last fall.
 Closing quotations in Chicago yesterday were Sl.03 2-i to s1.0t 1-1 for March wheat and Sl.oS 1-2 to Si.0S 7-S for May wheat. Corn and oats followed the downward tcn- dcncy and also rallied.
 Claim Price Not stabilized
 Despite the rcgorts that the gov ernmcnts stabli2inS corporation had stemrncd the market crash. grain mon declared the farm board had failed to stabilize grain prices and had been forced to limit pur- chascs 10 it's own cooperative members.
 After yesterdays wild session was oIcr experts gave varying cXplana- tions Of it's cause. Most agreed that heavy liquidation in q market where few buying orders existed caused the spurt in trading. Some said too much stored wheat was left over from last year and others that Argentina and Australia were flood inG world markets, A drop in En- rop"an imports also was 10 blanc. it was said.