THE WHEAT MARKET

Southland Times, Issue 21198, 26 September 1930, Page 7

THE WHEAT MARKET

PRICES RALLY AT CHICAGO. EARLIER LOSSES WIPED OUT. lUuited Press Assn.-By Telegraph—Copyright.) New York, September 24. Chicago wheat prices rallied unexpectedly at the close of to-day’s trading after having dropped to 76J cents, the lowest for 23 years, and closed with all months showing advances which more than eliminated the day’s recessions. The recovery occurred after the American Farm Bureau Federation had announced that its bohrd of directors would meet, on October 2 to investigate any influences the Soviet Government might have on the market. Winnipeg wheat prices, after falling to the 1906 level on the exchange, rallied to score fractional gains. October wheat had drifted to 71!} cents. Good support was encountered around the bottom levels, however, and prices came back to wipe out the losses. Meanwhile, the executive council of .the exchange is continuing its investigations into the fraudulent message that the Canadian Wheat Pool was in a shaky condition and was to be taken over by the Western Provincial Government. RUSSIAN EXPORTS SCARE STATEMENTS DISCOUNTED. London, September 24. There has been a decided easing in Russian wheat chartering to-day. The London Grain Reporter says: “The moderate decline in values during the week may bo taken as a criterion of the actual position. Scare statements can be discounted as the present outlook of Russian supply is 6,000,000 quarters, which is relatively insignificant compared with the pre-war average of 20,000,000. INVESTIGATION AT CHICAGO. (Rec. 7 p.m.) Washington, September 24. Mr Hamilton Fish, chairman of the-House Committee which investigated Communist activities, has telegraphed Mr R. 13, Bennett, Prime Minister of Canada, suggesting that he should send representatives to the committee's inquiry into the Soviet’s short wheat selling at Chicago’ on Monday. CREDIT FACILITIES ASSISTANCE FOR FARMERS. (Rec. 5.5 p.m.) Washington, September 24. Coincident with the news of the prevailing depression in wheat prices, the Federal Reserve Board announced that ample funds were available for marketing and financing the season’s crops. The board asserted that, it would render farmers all possible assistance, and would place at their disposal credit facilities at exceptionally low rates.