The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-10-27
PRICES MAKE
, SURPRISE GAIN
IN WHEAT WAR
Quotations Are Lowest in
800 Years as Nations
Fight for Export Trade.
ONLY LULL IN BATTLE
u. S. and Canada Race to
Beat Argentine in Un-
loading Grain.
BY HARRISON SALISBURY
United Press stan Correspondent

Gf1lOAJNs Otbs Sis--h WAANdb
war" along a front extending into
three continents was marked by a
surprise fractional upturn of prices
at the opening Of the Chicago
Board Of Trade today.
The trend was reversed after the
struggle for exports had driven
prices to the lowest levels in more
than 300 years.
All deliveries we're a cent higher
at Chicago as traders took courage
from Liverpool cables telling of bet
ter demand in that world market
and from rising stock prices.
The recovery progressed during
the first hour of trading. At 10
a. M, all wheat futures prices were
y cent higher than the previous
close.
BY II a. m prices had mounted
another fraction. December wheat
then was X cent higher than
Wednesdays close; May and July
were each Is cent higher.
The rush of selling that Tuesday
drove wheat prices to the lowest
figure since the reign of Queen
Elizabeth in England was lacking,
and wave of scattered buying con-
tinued the slight gains recorded
near the close of the last session.
Only LulI in Battle
It was only lull in the battle of
the United States, Canada and Ar
gentina for world export trade, even
the most courageous traders adj
2, mitted.
The race between the United
States and Canada to unload their
wheat abroad before the southern
hemisphere can move its crop
northward still was on.
Opening prices at Chicago were:
December wheat, 44s4 to As cents,
unchanged to a cent higher; May,
SOS. 4 higher, and July, 51A, 4
higher.
Corn strengthened with wheat
and went up a cent and oats were
unchanged to "A cent lower.
Coincident with the wheat war"
the Board of Trade announced it
would assume regulation of specula-
tive trading abandoned by the fed
eral grain futures commission.
Guard Speculation
Directors of the Board of Trade
adopted a resolution Oct. 20 placing
in the control of it's business con-
duct committee supervision of trad
ing to prevent harmful speculative
short selling.
Forms on which commission
houses and members using the
boards clear facilities must set
down confidential reports we're sent
out.
It was explained that names of
traders would be in code, and will
not be disclosed by the Board OF
Trade unless the short trading to-
tails exceed limits set by the board
as marking the bounds Of market
menace.
The reports. it is stipulated, must
be forwarded promptly for each
days trading
The federal government rein
forced the Board of Trade in this
battle Of exports last week when
Agriculture Secretary Arthur M
HYDE abrogated the rule requiring
reports to the grain futures admin
istration on large future trans
actions.
Three Nations in Race
Deals involving 500 600 or more
bushels of wheat, corn or oats, or
ZOO, 600 bushels or more of rye, were
involved. and the administration
had authority to prevent completion
of any If it saw Mt
The mighty struggle found the
United States ranged against Can
ada in a race to unload vast stores
of grain at any cost before the Ar
gentine and nations of the southern
hemisphere could enter an already
gIutted market.
Prize of the sensational COMPETE
tion is world export demand for
700,000,000 bushels of wheat. To
supply this. the United States and
Canada have 9O0,0OO,O00 bushels
available.
Fin few weeks. 100000. 900
bushels of Argentine and Australian
wheat will be ready for the market.
Fourth of Production Cost
Kansas towns reported wheat at
20 cents bushel. in many cases
less than a fourth the production
cost.
In the whirlpool of descending
wheat prices, corn. oats. rye and
other farm products were hurled
downward.
So low we're the prices that at a
few interior points all quotations
were suspended. and elevators re-
fused to buy on any basis. local bro
kers we're advised.
Iowa and Nebraska reported corn
sold at and 8 cents a buShel. These
prices left the farmer nothing after
deduction Of husking and delivery
costs with seed costs, taxes and
years work not even figured in.
Many farmers saved their harvest