DISASTER AVERTED
(Eeceived 26th March, 10 a.m.)
HUTCHINSON (Kansas), 25th Mar
"The amount of wheat planted this year will shape to a large extent the Farm Board's policy for disposing of its 200 million bushels of stabilisation purchases," said the chairman of the Farm Board, Mr. Stone, on Wednesday, when addressing a joint meeting of farmers aad the Co-operative Grain. -"Bea*-
ers' Association of Kansas and the Far iners' Co-operative Commission Com pany.
Should plantings be smaller than usual the board is expected to make some sales; if the opposite should prove true, it may agree to hold its wheat for an indefinite period.
Defending resumption of stabilisation operations last fall, Mr. Stone said: — "When wheat dropped about lath November close to 70 cents in Chicago we found definitely that if the market dropper another ccut or two there were at least 40 to 00 million bushels held by various parties upon which moneys had been borrowed from banks, and which wheat would have been dumped on to an unwilling market. If this had been (lone it was the opinion of sonic of the best-informed grainmen that American wheat would have gone considerably below 50 cents a bushel in Chicago, which would have meant financial disaster, not only to farmers, but would have meant the closing of hundreds of banks in the Middle West."
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Bibliographic details
Evening Post, Volume CXI, Issue 72, 26 March 1931, Page 14
Word Count
224DISASTER AVERTED Evening Post, Volume CXI, Issue 72, 26 March 1931, Page 14
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