The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1914-07-06

there Is no excuse for daily and hourly
fuctuation in the prices, that the lact
that there is such huctuatlon muso
prove that the exchanges.
fbe nrices solelyy for the purpose Oh
caIIectinr nrolts from such Quotations.
"And. third. that because the total
| recorded trading on an exchange lar
exceeds the volume of actual grain
receipts that the surplus of such trau-
inc is purely fictitious and, therefore,
| cIassed as undiluted gambling.
A to this first point, the scrutiny
NJ the record of a man who sollclts
shinments in trust to him of a COM
modify so easily marketed that 1t prac-
ticaIlv Is the equivalent of actual
money has been developed by the ex-
changes themselves at their w desire
to protect the grower, the miller ana
the dealer. -
our energy can be solely directed
to perfecting our transportation sys.
tenn, In seeking for new and enlarged
markets for northwestern grain and
| the security of our contracts AFFORDED
| bv the grain exchange and its mem
bership plays some important part I'D
! allowing us to market grain from
grower to foreign miller at so small a
percentage of profit. st..
"As to the second point, the daily
~fiuctuation, you must remeIlper IndI
wheat is a worlds great food; mat the
| annual crop of the world ordinarily
ranges to 1000, 900, 900 bushels, that
wheat, as no other crop, is raised
| largely in one continent and consumed
largely in another, that the dlstrlou"
ton is so perfect that there is scarce
ly ever a burdensome surplus or one
- L ALo4 80 %hn YnYt NPt
a worlds" crop which amounted to g.
| 900, 900. 900 bushels in 1908 and to A.
100, 600, 900 bushels in 1918, must en-
large it's consumption and must do
that by making the price so attrac-
tive that enlarged uses are found lot
wheat.
A World Market.
I'm years Of small production the
price 1luctuation will be upward unit
substitutes are found in some direc-
ton so that the crop consumption Will
be adjusted to the crop supply. Every
day in the year has it's influence In
fixing the amount of that years sup
| ply. Every day in the year some
where on this globe wheat Is being
seeded. Every day somewhere it is
maturing. Every day somewhere 1t is
being harvested and as long as nature
itself is so tickle in its granting of
weather conditions and as long as
grain is of such a nature that the
yield will respond large or small to
such weather and growing conditions,
then there must always be an attempt
to forecast the years supply and an
anxiety lest it be in some measure de-
pleted.
The anxiety of a drouth tonight, re-
lieved by showers over night followed
by renewed apprehension tomorrow
When those showers are learned to be
insufficient, will always and should al
ways be reflected in the daily fluctua-
ton that records human judgment.
1T would be natural for you to ex-
pect me to defend the grain marketing
system. AS a matter of profit I care
not, I believe with twenty years ex-
perience, with twenty years knowl-
edge of transportation methods, that
the same energy ambition and apqli-
cation could produce me larger money
returns under such a grain marketing
system as Russia has today.
Il believe if the grain exchanges
were wiped out of existence tomorrow
and no protection in the way of hedges
afforded the grain buyer and the mil
Ter of this country, that I would handle
fewer million bushels in the year., but
I would have more net dollars in the
treasury Of my company at the close
Of 1t.
Logical Market.
II feel that what I have said tonight
has failed of its entire purpose if l
have not impressed on you that here
at Duluth where rail n water meet,
here at Duluth, the farthest western
end of natures great water highway,
is the logical point for a natural grain
market.
Duluth, situated in the cheap route
Of grain movement, has it's possibilities
measured and bound only by the pro-
d~uctiveness Of this western country.
What that productiveness may some
time reach no one would dare to
state, A country which has increased
its cereal crops from three billion
bushels to five million bushels in
twenty-seven years forms a sound
basis for great optimism.
Duluth has I believe served you
we'll in the past, but 1t has a future
yet to develop which will excel any
service 1t has been able to render in
| the mast"