BIG WHEAT HOLDINGS
CRISIS MAY LOOM FOR HOOVER IN U.S.A. PLAN TO FIX MARKET WASHINGTON, Tuesday. It is stated that the President, Mr. Hoover, is opposed to the proposal of Mr. Arthur Capper, Republican member of the Senate for Kansas, to make the Grain Stabilisation Corporation purchase 100,000,000 bushels of -wheat immediately, and withhold it from the market. The President does not wish to disrupt the Federal Farm Board’s policy. He has confidence in its programme. It is understood that the board does not wish to purchase more wheat while earlier purchases remain on hand. It Is feared that if it bought more the question of storage capacity would become serious. The Wheat on hand is valued, at present prices, at £3,000,000, and unless the prices increase the board will have to hold that wheat for many months, for Mr. A. Legge, chairman, says he will not dump the grain, on a falling market. However, it is widely believed that some such action as that of making further purchases will become necessary soon to prevent a further drop in prices.
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Bibliographic details
Sun (Auckland), Volume IV, Issue 1025, 16 July 1930, Page 11
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180BIG WHEAT HOLDINGS Sun (Auckland), Volume IV, Issue 1025, 16 July 1930, Page 11
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