The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-11-05
WHEAT PRICES
CLIMB; Retail
TRADE BOOMS
Millions Pour Into Pockets
of Farmers, With Grain
Values Rising.
MILLS ENTER MARKET
Employment Helped and
Wholesalers Report
Orders Increasing.
By United Press

By United Press
CHICAGO, Nov 5--A bull mar
ket in wheat today spread opti-
mism throughout the west, as farm
ers watched each 1-cent rise in
price add approximately $3,5OO,00O
to their wealth.
Fraction by fraction, wheat edged
up today to successive new seasonal
high price levels on the Chicago
Board Of Trade.
At II a. m. the price was 2 cents
and more above Wednesdays close
and a cent higher than today's
opening prices.
May wheat sold for 71@s cents a
bushel, 225s cents above the record
low mark exactly month ago. De-
cember was 669s cents and March
70A.
Heavy Wofit-taking sales con-
tinued, but failed to halt the adj
vance.
Corn, oats and rye rose with
wheat and broke seasonal records.
Other Advances Reported
Even greater advances in wheat
prices were scored in other North
American markets. The price at
Kansas City was rs to IL cents
higher at 10 a. m. At the same
time Minneapolis reported wheat
selling IA to rs cents above
Wednesdays close. At Winnipeg, at
10 a. M, prices were q to l cent
higher, In Duluth, durum was up
Is to 1as cents.
The great flour mills of Mime
apoliS, Buffalo, Kansas City and
the southwest were adding hands to
care for increased orders, based on
the rising price of flour due to adj
vances in wheat.
Mills Buy Wheat
The mills themselves were aid
ing the rise as they entered the
market to replete wheat stocks re-
ported to the department of COM
merce as nearly 100000 bushels
below those of last year.
Foreign buyers who started the
rush for wheat when Russian car
celed orders given her sent a food
of inquiries for -four, eager to pur-
chase before the price went higher.
Grain commissions prepared to
add employees to care for the flood
of orders which sent the exchanges
OF the country into a turmoil IN
seen since the days of the 1929 bull
market.
Wholesale houses reported in
CreaSing orders from firms in agri-
cultural districts, anticipating bet
ter business from farmers, whose
wallets again have been filled from
the sale of boarded grain.
In Wall Street, stocks of firms
whose business depends upon the
prosperity of the agricultural re-
gions were in demand. Prices of
International Harvester, Mon;gom-
cry Ward, Sears Roebuck and others
were bid up in anticipation of bet
ter business with the higher wheat
prices.
Railroads Share Benefit
Western railroads, whose freight
traffic Shrank to dWindling proper
tionS when farmers held back half
their wheat crop and nearly all
their corn crop this fall, reported
more than 10000 grain car loadings.
The figure was a gain of nearly
$500 over the previous week and
only slightly lower than in the large
movement of 1880.
But while some farmers were
rushing their boarded grain to mar
ket, others acting OIL numerous pre-
dictions, were holding out for IDOL
lar wheat"
Almost unnoticed in the Spectacu-
lar rise of wheat, corn was adj
'vanced 10 cents. Agricultural ex-
perts pointed out that since the
farmers held nearly all the new
corn crop of 2,7OO,OOO,OOO bushels,
they are benefited nearly $270,-
100000 by the rise.
This is four and a half times their
profit from the wheat rise.
1t was pointed out that the farm
board itself, with large stocks of
wheat purchased at prices consid-
erably higher than the present level,
stands to recoup considerable of its
loss.