Biggest Loan

The Federal Farm Board last week dipped deep into its capacious pocket and drew forth $100,000,000 for wheatmen throughout the land. It was Husbandry's biggest loan. If this sum were not enough to help cooperative associations stabilize the wheat market, the Board promised to ask Congress to advance more of its $350,000,000 credit still untouched.

This wheat loan will be doled out to coOeperatives through the National Farmers' Grain Corporation, organization of which was definitely completed last week.

The wheat market, to the Farm Board's large concern, has been on the down grade of late. In the Chicago pit last week prices for December delivery slid from $1.25 per bu. to $1.13, recovered somewhat, closed at $1.23 per bu. Last July the same wheat stood at $1.61 per bu.

Federal Farm Board Chairman Legge announced that wheat prices were too low, ascribed this condition to two causes: 1) "Rapid and disorderly movement which is putting a large part of the year's supply on the market in a short time"; 2) "The unprecedented liquidation of industrial stocks and shrinkage in values within the last few days" (see page 45).