The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-11-03
WHEAT PRICE
CLIMB CHEERS
WHOLE NATION
Wave of Optimism Sweeps
Grain Belt; Farmers
Rush Shipping.
RAILROADS ARE HELPED
Country Merchants Start
Stocking Shelves for
Renewed Trade.

BY United Press
CHICAGO, Nov. 3.-Wheat, the
grain which spelled despair and
want for thousands of American
farmers a few weeks ago, when it's
value sank to the levels Of Eliza
bethan England, today was hailed
as a savior.
Optimism replaced gloom in the
wheat-growing regions of the west
as farmers read reports that Deem
Der wheat was selling at SO cents a
bushel.
In less than a month, an un-
swerving rise had carried the price
up 1874 to 203s cents a bushel from
a low previously unequaled in
American grain trading and record
ed only at Liverpool in the seven
teenth century.
The advance was attributed to
sudden development of short crops
in Russia and other European grain
countries.
Acreage Is Cut
In part, however, the rise came
because the outlook for wheat was
so black at planting time this fall.
Farmers in every section of the
country cut their winter wheat acre
age sharply, estimated at Is to 20
per cent reduction.
Other farmers held their grain at
harvest time. Prices were SO low
they feared it would cost them n.-re
to ship it than they would receive.
They stored the grain in barns, at
tics, cellars-anywhere it would be
safe, hoping dimly that by some
miracle prices would rise event.
ually.
Now that miracle has come.
Farmers who had looked toward the
holiday time a long winter without
income, hastily were loading wheat
for shipment to market. In the
southwest wheat belt more than
half the total wheat stocks are held
ON the farms, grain experts esti-
mated.
Brings Cheer to Wheat Belt
The greatest cash crop of the
western farmers which had been
frozen by the small prices paid at
country elevators suddenly had been
released. Little known events
thousands of miles away in Russia
gave the entire wheat regions
cheer.
Country s~torekeepers, who had
held their stocks low. knowing their
customers had no funds, we're re-
ported stocking up for the Thanks
giving and Christmas trade.
A is, 000-car rise in the weekly
car loadings was expected, at least
part of it believed due to larger
grain shipments to terminal points.
Freight cars were held in readiness
for a belated fall grain movement.
Railroads whose revenues have
been reduced sharply in agricultural
regions by failure of farmers to ship
grain, foreSaw a chance to better
their last quarter earnings state
ments.
In all sections the rise of wheat
was the chief topic of discussion.
Newspaper reports were scanned
carefully and in the cities grain
brokers received scores Of inquiries
as to the latest quotation.
See Better Prices
Agricultural students pointed out
there should be marked improve
ment in the grain situation through
the next year. With winter wheat
planting sharply reduced, and a
large part of the farm board stocks
being moved to fill export demand,
they asserted prices should be bet
tered due to reduced stocks.
on the Chicago Board of Trade,
where the bulk of trading on the
advance has been conducted, traders
asserted that for the first time in
months the public was investing III
wheat.
Most of the large traders who
participated in the start of the bull
movement have sold out their lines,
they reported. Other world mar
kets are following Chicago move
ments closely, traders said, indicat-
ING that American grain again
commands the world market.