DEALING IN WHEAT

Evening Post, Volume CIX, Issue 56, 7 March 1930, Page 9

DEALING IN WHEAT

FEDERAL FARM BOARD

TO PREVENT PRICE SLUMP

FORWARD PURCHASES

United Press Association—By lilectric Telegraph—Copyright. (Received 7th March, 1.30 p.m.) WASHINGTON, sth March. Tho chairman, Mr. Legge, of the Federal Farm Board on Thursday stated that tho Grain Stabilisation Corporation would continue buying wheat at market price and remove from the market whatever additional quantity was necessary to relieve pressure and provent any considerable decline in prices. The Farm Board, if necessary, would spend as much as 150 million dollars to take- up all surplus wheat, the board now having 75 million dollars on hand for ■: tho purposo, and Congress . would be asked to appropriate more, if the grain crisis continued. Mr. Legge stated that both the leaders in the House and Senate assured, the board of more money if the situation warranted it. In the meantime tho Grain Stabilisation Corporation would continue to buy May futures and visible stocks in the endeavour to support the market. Tho corporation expects to hold its May futures until after the new crop of winter wheat is marketed at the beginning and middle of June. It is understood that the Grain Corporation now holds considerably above 25 million bushels of wheat and has future contracts for 10 millions more.