The men in the Chicago grain pits were nervous. Wheat and corn prices "had been slipping for two weeks (TIME, Feb. 9), and traders were afraid it meant trouble. On Tuesday last week the trouble came. It swept in on a wave of selling in corn.

Next morning the panicky selling spread to other grains, drove both wheat and corn futures down their full permissible limits (10¢ a bushel for wheat, 8¢ for corn) for the day. In New York City the stockmarket, alarmed by the tumble in grains, had its worst break since last April.

On Thursday, wheat and corn...

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