OIL AND WHEAT

Hokitika Guardian, 3 November 1931, Page 6

OIL AND WHEAT

JUBILATION IN KANSAS. (United. Press Association. —By Electric ‘ Telegraph.—Copyright.) NEW YORK; November 2.... A message from Kansas City states: Scenes reminiscent of Armistice Day were . enacted Inst -in many cities 'and towns throughout the South .West,; as crowds.; sang anct.danced ip the streets celebrating improved oil and wheat prices. Bands blared and innumerable bells, whistles, also all sorts of sound devices increased the din as ponderous tank-wagons - andtrucks piaraded among the people celebrating the return ef millions of dollars of purchasing power for oil and wheat industries. Mr Andrew . Howley, ManagingEditor of the “Oil and Gas Journal”, asserted that oil prices, which a short time ago, were so low that a barrel of crude oil brought no more than ,a gallon of retail petrol, had now struggled upward to a permanent advance, which justified them in advancing it further.

’Mr Frank , Theos, ’ discussing,;, ... the wheat prices,'.which bed lately brought returns insufficient to meet.production costs, stated that wheat, with “impressive leadership,” was showing the . way to other commodities. He said: “The value of the advance cannot be expressed in the millions ol dollars of potential wealth which it has added to the farmers’ purchasing power. Its effect in restoring confidence will increase such value many times.”