Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1915-09-17
James J. Hill Is Protecting
Interest of Grain Shippers
North Dakota Farmers vitality Interested in Scheme to
Facilitate Export of Wheat and Other
Farm Produce
Farm Produce


Grafton ever in matters of interrarion-
al finance.
Mr.. Decker condensed the situation
In this manner:
When Canada has 250,0o0,0O0 bu-
shells Of wheat to sell, which Great
Britain may commander, or may buy
and pay for by canoeing debts due ler
from Canada, and when Argentina has
1c0,001.000 bushels OF wheat which
Great Britain may buy and pay for -
manufactured articles which she ex-
ports to that country, why should
Great Britain buy United States
wheat when We will sell 1t to her only
for payment in gold?
"We are demanding gold from Eng
land, or are taking London exchange
at big discount. 1t Is not a situation
which can that if we do nothing
Great Rritain merely will have to pay
more for u produce. What it really
means is that she will buy elsewhere.
It is essential, If We are 20 prevent a
grain accumulation that would put
prices down very seriously that we
keep on selling our surplus which is
very large"
Twin City Banks Interested.
Mr.. Decker said that the Minneapo-
lis banks probably will participate II
the loan is made open for general par.
ticipation.
II do not look for determination G.
that matter, or for decision as to the
nature of the securities that are to be
offered by Great Britain for several
days." he said. This is a big mater
that will take time to work out After
it is decided what is best to do. !
would expect an announcement would
be made that the credit will he open
to participation CT all the banks and
The investors in general. The whole
matter is free from sentiment and
there SHOULD be no sympathetic FEEL
ing one way or the other. Personally
we would as soon loan to the Germans
as to the English 1t will be handled
as a business proposition. If there is
a satisfactory rate and the underlying
security is good.f see no reason why
western banks and banks OF Mime
apolis should not participate. But |
could not venture an estimate at tbs
time as to how mujh money
Minneapolis banks might advance"
Loan Is Necessary.
F. NJ. Prince, chairman Of the board
OF directors Of the First and Security
National bank, Sid that he is in full
sympathy with III. Hills views as to
the necessityrfof prompt action in a
big way and that he only thing tlat
will prevent 4 pstcesdecline OF serious
effect in wheat iii be such a credit
in New York as will enable the eS-
porters to keep the grain movins
abroad.
I'VE are without any advice so far
as to the detailed plan and have not
been asked to participate in the
loan,' Mr.. Prince said. ut is too
soon, however, for matters to have
shaped themselves. Ny c1n ~expecta-
ton wonld be that the loan will be
open for general participation. and
that while New York banks necessan.
ly will direct the plan. banks, trust
companies, insurance companies and
financial and investment institutions
everywhere will be given opportunity
to participate. From the standpoint
of what it will mean in the facilita-
ton of the movement OF our food prod
ucts and as a measure for prevention
of very unfortunate conditions that
might arise should our grain export
channels be blocked, / would consider
participation in the loan on the part
Of anyone a patriotic act"
Analyses Loar.
J. J.. Hill, before leaving Minneapo-
lis for New York to attend the Anglo
French loan conference, said to The
Wall Street Journal:
1.-The maintenance OF a stable rate
OF foreign exchange, which can zoe
done only by the establishment in
this country Of a very large credit
account for Great Britain, TO be drawn
against for the purchase Of foodstuffs.
is of far more importance to the Unit,
ed Stat tee tnan to England. 1t IL rot
too much to say that on this the pros
perity OF the American farmer de-
ponds.
"a careful estimate shows that the
total requirements OF the continent OF
Europe for the coming year will be
about $4,000 900 bushels of wheat.
The United States will have not less
than 375, 1900 to sell of it's big cro2.
The supply Of C,nada for export will
be fully 10000, 900 bushels. and Of
the Argentine 1Co,1G3,0a0. Tie lowest
estimate Of the total marketable SUP
ply from this continent. therefore,
will be $50, 100000 bushels; or 1Go,-
coo bushels in excess CT the tota! de,
,mand.
"But America is not the only source
Of supply. India and Australia can fur
nish 100000 bushels more. In the
Black Sea region there will DC avail
able 251,G0J,0G0 bushels, if it can get
to market. II the Da-canelles arc
opened to merchant ship before
rpring, the available worlds supDl,
wiz be 10000 bushels; or 40O,coO,cOo
bushels in excess of the probable de-
mand.
These conditions, growing cut OF
facts that are rot su1jccs 70 chance.
snow that the problems growing ont
Of international exchange concern the
United States as intimately as they
do the nations that are a: war. II
is most essential TO the prosperity or
our people that wheat oui ger
to market and find a purchaser. And
If the sale of cur wheat does net go
fo-wsrd steadily to tie purchaser, tie