Albuquerque morning journal., 1915-02-27
LETTER DECLARES
. FARMERS HAVE NO
SAY IN PRICES
Big Wheat Operator Gives ln-
teresiing Testimony in ln-
yesiigation as 10 Increased
Cost Of Bread.

New York. Feb. 2s.-goeepn Letter
noted wheat operator ~ ffteet
years ago. testified today af the STATE
inqnlfg into the increased cost 81
bread. that American farmers had
l0nE been selling wheat Tor iezs Thar
what u cost THE farmer. Mr Letter
said. has nothing 80 sar concerning
y has price he shall receive for III.
product That ia usually done 81 the
terminal markets. ~ .eKchange. BE-
added ard fhf Liverpool exehanas
of the wuri1 usually fixing Tire price
Letter sid that although he had
been % heavy specliafor ln wheat ln
ks7 and 1884. he had nai speeulafed
10 grain since he admitted be- had
not forgotten -amy ~ the tricks af
ne trans" and eaid be- had been ln-
cresie1 81 grain Finee be was p boY.
I'm 1881 mtw that wheat Vas
'eiiinR Al lees than cost h. said. y
.ealized that thls could not 90 on
Being Young and NOT knowing as
much - Do now. thought I'd
make money ~ storing and holding
nc COMMODITY until I could sell ID
q profitable price.
Plans Didn't Work.
"Bli my plans didn't work. ] lest
money On il and the only once to
make money we're the farmers
The Prediction ~ wheat 81 this
.cuntfy e gradually being reduced
sitter testified. The average farmer
Henfy fearh ago devoted 56e acres
o wheat growing. while today he de-
'ofes oniY i00 acres.
Ar. Letter said - per cent u the
'letators wefe owned either by the
~ wheat operators or the railroads.
While 20 per cent we're owned by in
dependent or small operators and
armerS cooperative aocieties The
inlfed States has controlled the
wheat price II the world since sep
ember ). 1914. and viii continue 30
10 - until another crop L. raised.
tr Letter asserted
BIT Letter gave q as mis- opinion
hat the Invisible supply II wheat.
n that which is o. the hands ~
afsafra and npt recorded IN the gov
rnment reports. has hfen q large
actor in keeping down the price.
Farmers Big spcculators.
The farmers have become the
argest spectators IN fhe country.
hey viii hold crop after crop some
lines for 80 long ~ four years." hc
aid. In year such ~ we are haY-
TX. We md that there e. an enor-
nous l0t ~ wheat that isn't covered
y the government records II IL
iasnt for this fact the prices today
iOuld be much higher.
There isn't anybody left In the
pecuiatiYe market now. Mr. Letter
aid. The speculators got out after
he price passed the $40 mark-the
mali trader WIS forced cut and the
ig one was frightened out The rise
iOuid have come much sooner had
not been for speculation
Higher prices are due then. not
, speculation, but 20 the demand Tor
heat. Is that right" Mr. Letter sas
sked.
Yes. that's Il exactly"
because ~ the large sales abroad
n. Letter thought the country was
nriehed and its balance 0f trade
oubled. lie did not think the elimi-
alton ~ speculation IN wheat would
'wer the price.
Af. Letter was asked II Il would
e detriment 10 the country 20
lace dealings la grain on cash
asie.
That would make fine business"
e replied. ~The business would be-
lme highly speculative immediate
z II would be taken out Of the
ands Of mlilers and elevator men
nd placed in the hands nf gamblers
no would exact real toli from the
e0pIe"
When asked II it we're possible to
ontrpL or corner the wheat crop,
". letter said:
'Certeiel. tried q once but YOU
se so much buying the crops that
iefe is nothing IN running corners
fe man who buys for points In the
So or fall might as wei bet his
oney IN faro bank. hut ynn can't
up legitimate speculation"
Had the 1914 crop not been 50
rye. Mr. Letter added. wheat would
3 Is luxury today az sg bushel