The Court of Ceres

The nerve center of U.S. agricultural economics is the vast, modern Chicago Board of Trade Building. Its massive 41 floors loom as large as agriculture does in the U.S. economy. Ceres, goddess of grain, stands pre-eminent at the very top of the building. In the grain pits below, more grain is bought & sold than anywhere else in the world, sometimes months before it is even grown. Last week a TIME correspondent paid a visit to Ceres' slightly mad court.

"When the elevator door opens, you think you have arrived at a sports arena while the wrestling matches are under way. A distant roar of voices goes up and down. The roar grows stronger as you walk to the entrance of the huge six-story-high trading floor.

"Tall, balding Gus Hennig, chief guard for the past 37 years, smiles and says: 'It's wicked out there today.' As you walk on to the floor a messenger in full sprint about knocks you down. The great paneled room resembles a large railroad station at 5 p.m. when commuters are racing for trains. High above the trading floor are the big blackboards carrying quotations for wheat, corn and other commodities."

High Pressure. "On the floor below is utter confusion. To the left is the big wheat pit. To the right, the corn pit and the smaller oats and cotton pits. In front of them are batteries of desks with phones connected to brokerage houses.

"Few look to the brown-paneled wall where, painted 30 feet tall, is Ceres again. This Ceres is a powerful, morose woman. Her breasts are full, her waist is thick and muscled, her hips wide and powerful. Her strong legs are firmly planted in pregnant wheat. Her bored, detached attitude bothers some of the men. But usually the red-faced, screaming, frantic little men with thinning white hair and worried brows are too preoccupied to look at the fertile, sullen woman. They jump around, dash up & down the seven steps of the pit, wave their arms, yell as loud as God made it possible to yell.

"Obviously the building is on fire. But no. The price board on the west wall is the cause of all the commotion. May wheat has just jumped from $2.69 to $2.69 3/4 a bushel. Presently the noise dies to mere bedlam.

"Many of the brokers chew gum to keep their throats moist. The throat is important here. When you want to buy or sell, you have to be able to attract attention. Another flurry starts. 'Sell one Sep fifteen. . . . Sell five Christmas. . . . Sell July one five, think of wife and kids.' Then suddenly the noise fades out, the waving of fingers stops."

High Prices. "The little man with the red face and short arms stops jumping up and down. Then he nudges the man standing next to him, says: 'How's golf been, Harry?' Before Harry can answer, a redheaded messenger dashes up, hands him a pink slip. Harry reads it close to his chest, yells: 'Sell July one. Sell July one.' The red-faced man and a dozen other traders rush him, wave their hands at him, shout in his face, scream in his ears, tug at his sleeves, dance up and down before his eyes. They want to buy an eighth of a cent lower.

"Harry keeps howling for his price. Finally a tall old man with white hair waves his hand toward his face, palm inward. Harry nods his head and the roar stops. Then Harry turns to the red-faced one. who looked as though he was about to kick Harry in the groin ten seconds ago. Harry says calmly: 'Haven't had time to play. Too cold. I been reading on how to correct that slice.' The red face nods sympathetically.

"You leave Harry and find a tired-looking, silver-haired broker resting for another go at the pit. What was all the excitement about today? He keeps an eye on the pit and says: 'It's a nervous market. On Wednesday the Government came back into the cash wheat market after being out for three, four months. . . . The market turned into a mad house. May wheat went up the limU--from $2.67 to $2.77. Then Thursday morning it went up to $2.85. Then the market was top-heavy on the buying side; those who had bought took their profits. The price started skidding . . . went all the way down to $2.67. just where it was when the Government stepped in Wednesday morning.'

"Ceres stares sullenly over the heads of the little men. The price board looks good from the farmer's point of view, bad from the housewife's."

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