RUSSIANS DENY MANIPULATIONS ON WHEAT MART
RUSSIANS DENY MANIPULATIONS ON WHEAT MART Head of Soviet Syndicate Declares Hyde Charges Are False; Press Is Hostile NEW YORK CITY — In reply to charges made by Secretary of Agriculture Hyde,that...
...It is evident that the sale of a small quantity of wheat could not appreciably affect the trend of prices In view of the fact that the turnover on the Chicago Board of Trade is from 50.000.000 to 60,000,000 a day.'I must emphatically state that the transactions mentioned were of a purely business nature and were not intended as manipulations for the purpose stated In the presr," declared Mr...
...In his statement, Mr...
...Press Is Hostile NEW YORK CITY — In reply to charges made by Secretary of Agriculture Hyde,that the Russian Soviet gov« ernment la carrying out a plot to injure American wheat farmers by depressing the price of grain on the Chicago Board of Trade by "short selling'' operations, E. Y. Belltzky, head of the All-Rusnlan Textile syndicate here, th* agency which was accused of carrying out the Russian "plot...
...These sales were intended as usual hedging operations and the Chicago market would not reflect the international price in commodities if it would decline such transactions...
...Beltizky...
...Recently the All-Russian Textile Syndicate received orders from its clients in the Soviet Union to sell a relatively small quantity of wheat on the Chicago market...
...Belltzky stated that since the first of the year his syndicate had sold 5.000.000 bushels of wheat at Chicago, but declared that Inasmuch as its dealings were spr«ad over a period of months and the daily turnover of the Chicago market is from 50.000,000 to 60.000 000 daily, the syndicate's operations could not have had any material effect on the price of...
...wheat or the condition of the market...
...Newspapers throughout the country, for the most part hostile to Soviet Russia, gave front page space to the charges against the Russian syndicate and the Russian government, but in general have ignored the denial made by Mr...
...has just Issued a statement denying the charges and pointing out that the syndicate's operations were in the nature of "hedging" and were of a volume too small to have any effect upon grain pricea in this country...
...Belltzky...
Vol. 1 • September 1930 • No. 43
