WHEAT VALUES SAG

Sun (Auckland), Volume III, Issue 641, 18 April 1929, Page 9

WHEAT VALUES SAG

HOOVER BLAMED FOR DROP FARM-RELIEF QUESTION (Australian and N.Z. Press Association J WASHINGTON, Tuesday. The responsibility for a decline of nearly five cents in the price of May wheat at to-day’s session, of the Chicago Board of Trade is attributed in some circles at Washington to disappointment at President Hoover’3 treatment of the farm question in his message to Congress. Following upon the revelation by Senator A. Capper, member for Kansas, that a large surplus of winter wheat exists in that State, where about 40,000,000 bushels await shipment, local brokers said the original depression in the price when the market opened was precipitated by that statement. Mr. Capper said the amount of wheat in storage in Kansas was double that held at the equivalent time in any preceding year. The decline in price received a further impetus with the publication of Mr. Hoover’s message. It reported that it did not come up to all the market expectations. On the other hand, Mr. Hoover’s treatment of the matter was well received at Washington, where it is believed generally that the discouraging developments on the wheat market are due to causes other than that of his speech. Mr. Capper says that is his opinion, but he has failed to explain himself, and has not attempted to clear up the drop in prices.