The Federal Farm Board last week issued a point-blank warning to wheat growers throughout the land which was enough to send their hearts to their boots. It was:
"The Board will not authorize the Grain Stabilization Corp. to make stabilization purchases from the 1931 wheat crop. . . . Spring planting of wheat is at hand. Let farmers heed the warning to reduce acreage."
The Farm Board began its price-pegging policy through open market operations early in 1930 when it bought in the 1929 wheat crop surplus (TIME,...
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