The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-02
TELLS FARMERS
'HOLDYOUR WHEAT
AMERICAN SOCIETY OF EQUITY
AGAIN BECOMES ACTIVE.
Tactics Of Campaign Of 1904, When, on
Account Of Crop Shortage, Wheat
Went to $1.27, to Be Resorted to in
Hope Of Forcing Price to 81 or Over.

The American Society of Equity, the
organization, with headquarters in In
dianapolis that was so we'll advertised
in the crop season of 1904, and that has
for it's object the maintenance of wheat
prices on a high level, is being heard
from again. In that year the society
issued thousands of circulars to farm
ers thruout the country advising them
to hold wheat. Many followed the adj
vice.
The society claims membership, or
at least a following, Of nearly 100000.
farmers. It's circulars were frequently
seen in Minneapolis in its days Of
greater activity. The following is a
powerful whole. If unity Of action
were possible, 100000 farmers, holding
back their wheat, could make prices
rise materially.
Takes Credit for Big Price.
When the price of Minneapolis cash
wheat reached $1.27 bushel, in the
spring following the ''hold your wheat
campaign of 1904, the Society of Equity
took much credit upon itself for having
| brought this about. Grain men, while
admitting the power of the organiza-
ton operating as a whole, have been
somewhat amused at the later claims
Of it's officers with reference to the
high wheat prices and the credit due
the society for them.
| The facts are that in 1904 the winter.
wheat crop Of the southwest was cut
down nearly l00,0OO,OO0 bushels from
the promise Of early in the season, and
when the northwest spring wheat CROP
began to come along, the rust got into
it and did great damage, which dam
age, serious enough in itself, was ex
aggerated. Speculation followed on {
great scale and prices rose.
| Thirty days ago the Society of Equi
ty announced that it's following woult
again refrain from selling wheat a
price has declined. Wheat is now
to- 10 cents lower than when the societ,
: started it's warning to farmers, and
IS to 40 cents lower than a year az
at this time in all markets. The farm
ers have not held back. Wheat ha
been marketed freely.
Start Another Campaign.
Despite this setback, it is now sait
; altho official announcement is lacking
| that another bulletin to farmers wi
urged to sell no wheat for less than $
) a bushel. What the effect will be
doubtful. All grain men admit that
/ the farmers could be brought undt
r some central control and would folio
orders closely, and if the humber WI
would secretly violate them and sc
surreptitiously, were held down to
o small percentage Of the whole, fact,
t would arise that no one basing COZ
= mitment upon speculative infuenc
Q could afford to ignore. Supply and
!, mand would make the price in the lo1
n run, as it always does, but as an inf
o ence thru a season, 100000 farmers &C
f ing unitedly would be. "a power.
The difficulty is in maintaining uni
d and well-informed men view the sche1
n as visionary and certain to fail. It
= impossible, they contend, to hold
d gether any such mass Of minute in,
J. vidual interests in line for one genel
purpose. Meanwhile, the society
r. claiming credit for the great rise
N wheat prices in 1904 and 1905, and he
lie ing warned farmers to hold for dol
wheat, will probably be as vocifere
or again in claiming credit for resu
e. should any crop damage or other I'M
in ence come along to put prices to tt
in level ~. - - i