Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1914-05-28
PRICE OF CORN IN
SPECTATORS HANDS
John E. Kelley Gives Facts as to His
Experience with Market Gamblers


the markets of Chicago, New York and
Liverpool.
On that day corn sold in Chicago al
721sc, New York s21s and Liverpool IS
"a or in our money 881ac for 56 pounds.
Within twenty days of that time corn
declined in price in both Chicago and
New York fully 10 cents bushel, while
in Liverpool within thirty days of that
time it actually gained &c bushel.
At this time the farm papers of the
country were flooded with articles evi.
IDENTIFY inspired by the different boards
OF trade and chambers of commerce,
and probably to some extent certain
manufacturers, telling the farmers that
Argentine corn coming to this country
under free trade had caused this loss tc
corn growers.
Tnls writer pointed out the fallacy OF
the contention, showing that at any
time during this period, corn could be
bought at price 10 cents higher thar
was being paid in this country, and q
fair margin of profit realized by ship
ping to Liverpool, where American
mixed corn was in high demand, but nc
corn was there to meet the demand.
This condition of affairs was pointed
out in several articles by this writer in
various periodicals in the northwest,
and was also presented by him at the
investigation held in Washington, d.
c., before the house committee on rules.
On this occasion, Mr.. Stream of the
Chicago board of trade, undertook to
reply to the accusation against the spec
ulative interests, and in doing so his
only defense was that the conditions
complained Of existed only for two days
in the Liverpool markets. Whereupon
the market reports as given by the
Chicago Record-Herald, the Chicago
Tribune, the Minneapolis Journal and
the Minneapolis Tribune were presented
to him and the committee, fully sub
staptiating the allegations made.
Popinjays from various parts of the
northwest who imagined they had in
terests in common with the big manip-
ulators, all joined the chorus against
the terrible effect of Argentine corn,
ignoring the fact that it neither came
in competition with American corn
either in this country or in Liverpool tc
any extent. Among the most blatant
of those were the American Coopera-
tive Journal, an institution claiming tc
be the farmers friend but in reality
his greatest enemy, it's purpose being
to chloroform him while the grain gam
| blers deprive him Of his hard-earnec
wealth. On a par with the Journal also
is the Manager and Farmer. It's plar
is to manage the madagers and through
them manage the farmers in the inter
ests of the chamber of commerce o1
Minneapolis.
But this writer pointed out that i
was not the Argentine corn that caused
the slump, but the American grai1
gamblers and spectators, and predict
ed as soon as the bulk of the corn 90
out of hands of the farmers the pric,
would go back correspondingly to tn,
Liverpool price of American corn
Accordingly we here give the price o
corn in Chicago, New York and Liver
pool, May 15-note how the prediction
is verified:
. May Is, Chicago corn 73c, New Yorl
80c, Liverpool 90c.
I Reader, take notice that the sprea
between New York and Liverpool a
this writing is ten cents a bushel, tina
until it got practically out of the hand
of the farmers it was from 1917 to
cents per bushel.
Please take further notice, that cor
is being bought at the present price
in the United States for export, 10
thousand bushels being sent out fror
Kansas City May Is. Yet corn is no
any higher in Liverpool market than
has been during the entire winter jus
past, when the spectators and CANT
lers, of which the different boards @
trade,aad chambers of commerce large
ly consist, were buying the corn of til
American farmer fully 10 cents bush
ell below the export price of said corr
) Thus it is perfectly apparent that
the corn growers Of this country sol
one billion bushels, the past seasor
out of total of two billions, seve
hundred millions bushels, they wei
easily.fieeced by the market manipul,
-1tors out Of $1OO, ,0OO, 600.
I How little figure the tariff cuts wit
: the price of corn now when it is in Il
3 hands Of the grain gamblers7
But it is not only this year that tn
has happened butt has happened evel
4 year since the agricultural departmel
9 has kept 9 record Of prices, BUT Il
9 farmers marketed heavily and rapid
this year on account Of the fine cond