Stable Wheat; Active Pigs

Clamp-jawed George Sparks Milnor, head of U. S. Grain Stabilization Corp., sat at his desk in Chicago last week showing obvious signs of fatigue. His face was taut and tired, but his heavy-lidded eyes sparkled with satisfaction. For more than a fortnight his shoulders alone, Atlas-like, had steadfastly supported the price of wheat.

It had looked like Panic for a while, with millers cancelling their orders, traders dumping their holdings, farmers selling their crops. Then Mr. Milnor received from Chairman Legge of the Farm Board a blanket order to go into the pit and buy. He did, vigilantly spent at least $1,000,000 a day. He met every December offering at 73-c- per bu. or higher. When he finished, Grain Stabilization Corp. had added some 20,000,000 bu. of wheat to the 60,000,000 bu. it had held since last spring and the 24,000,000 bu. it had taken up "to strengthen soft spots" from time to time during the past two months. The total of all the Federal wheat holdings was now about 104,000,000 bu. The purchase price had been approximately $100,000,000. The market value was about $76,650,000.

Mr. Milnor felt satisfied, even triumphant, because the Stabilization Corp. had at last stabilized something. The Chicago wheat price had stayed where the Farm Board thought it ought to, 18-c- to 20-c- above Winnipeg and other world markets. The Board had turned its dismal failure of last Winter (TIME, March 10 et seq.) into a signal success. Wan but glad Mr. Milnor told newsgatherers: "I know that not only in grain circles, among millers, bankers and businessmen, but in Washington, a new attitude toward this action has developed overnight. If the Farm Board never did another thing, it will have justified itself."

Theory. Chairman Legge was proud and jocular. He explained that the U. S is now on a domestic basis as regards wheat. That is, the Board has removed from the market practically all the surplus production which, were there not surpluses abroad also, would be exported. He did not say what he thought about the great quantities of wheat guarded in bins of western farmers for a price rise--when it would be unloaded, whether it would upset the situation. But he did say without hesitation: "If the price keeps dropping I guess we'll have to keep buying. . . . There is no limit whatever as to price or quantity."

Disposal. Nor did Chairman Legge seem worried as to what was to be done with all the Government's wheat. He laughed when asked once more about a big rumored sale to Italy, called it "unfortunately untrue." He stressed the Board's efforts to get farmers to feed wheat to their livestock, saying: "Why, one active energetic pig will eat as much wheat as a family of five persons. First give the pig a chance and there will be no surplus wheat in this country."

This file is automatically generated by a robot program, so reader's discretion is required.