EXCHANGE HYSTERIA.

Auckland Star, Volume LXI, Issue 230, 29 September 1930, Page 7

EXCHANGE HYSTERIA.

Cheap Russian Wheat Causes Havoc. ANXIETY IN CHICAGO. NEW YORK, September 28. The Chicago correspondent of the "New York Times" says the "bearish" influence of cheap Russian grain, bringing in its train another hysterical wave of liquidation by holders' of wheat and other grains in the world's markets, cut off another large sum from the value of the American farmers' crops in a reaction on the Chicago market. Neither the Board of Trade's barring of Russian short selling nor an optimistic statement by the Farmers' National Grain Corporation that the Government had organised co-operation had any effect in preventing a continuance of the downward trend of wheat prices at Chicago. „ Losses of almost seven cents were registered in the past week. September wheat on Friday reached the lowest point since 190S and all futures were down. Witnesses before Mr. Hamilton Fish's committee representing the All-Russian Textile Syndicate which made the recent short sales, said these sales were legitimate hedging activities to protect the European position. A former Russian official said that facts about the American Army and Navy were being sent by Soviet trading groups in the United States to Russia.