The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-27
Thinks Wheat Will Go Higher.

CHICAGO, Sept. 26.-George H. Phillips
takes issue with the bears in their effort to
depress the wheat market. He said to-
day: 1.-THE following appeared last even
ing in the Gossip column Of one of our
leading newspapers: Sell May wheat and
keep selling 1t every time 1t rallies firmly
believe it will sell between now and spring
considerably below CSC. The worlds crop
is large, and SO long as We hold our prices
UP in the air by manipulation other coun-
tries will receive the benefit and fill Euro
pean wants Do not overlook the fact that
we are a surplus nation Every line of it
an argument against the selling of wheat
short Read every word of it and let them
burn into your brain that you may repeat
quickly and off-hand the creed of the
bears Being a chronic bull, so-caled
this paragraph struck me very forcibiy,
every sentence being a mighty battering-
ram pounding at the very foundation of
American prosperity. See how this sounds:
every time it rallies. What would make it
rally? Intrinsic value. Don't let it up. Keep
it down: Hit it every time 1t attempts to
get on its feet. Next he says: firmly be-
lieve it will sell considerably below 65c.'
There is no more reason for making the
price COO than there is of reducing the price
of anything in steady demand. / believe
wheat will sell at soc. and am happy in the
belief. Sixty cents will mean $4,000, 900 less
for the American farmer to spend for the
product of American labor. Eighty-cent
wheat means $50, 600 600 more for him to put
into circulation, or a difference of $780,.
100000
Next we see the teeth of the dog in the
manger:' The worlds crop is large and so
long as hold prices up in the air by
manipulation other countries will reap the
benefit and fill European wants Are the
Is our God not their God? Because Provi-
dence has blessed them with plenteous
crops, and it is in our power To make the
price of what they must and will sell, shall
we lessen that blessing? know the writer
of this article did not realize how his pol
icy of ruin would look on paper. Just see
what ii means-sell short 5000 bushels of
May wheat at zoe and buy it back at Coo.
sec, 100000 poorer and Europe's poverty
stricken farmers have lost twice that
amount. Don't you do it, Buy it and lend
your aid TO a market ready and willing to
advance to soc. You will make just as much
and the money is better money.
Fright in here and in connection with this
line of reasoning let me quote his last argu-
ment: DO not overlook the fact that we
are a surplus nation. Have we ever been
anything else? How many years has Amer
lea raised a crop of wheat? A so-called
(misnamed) surplus every year, and yet the
day we put our harvesters into our wheat
fields we had hand little of the
previous crop that We were within thirty
DAYS OF famine. Did you realize il? If our
wheat crop had been held back thirty days
there would not have been a barrel of flour
In America. The world has raised a crop of
wheat every year since Josephs time, and
not a barrel have We ever dared to waste.
Believe me, all the world is a pensioner of
Providence. We should never doubt the
wisdom OF the Creators generosity The
worlds crop OF wheat Will be moved. say
il can and should be moved at Soc There
will be fluctuations in the price. Scalp If
you like. but buy IL on the breaks rather
than sell it on the rallies"