The sun., 1917-08-31
WHEAT PRICE
FIXED AT $2.20
Basic Grade Closes in Duluth
Market 10 Cents Above
Committees Figures.

WARRINGTON, Aug. 30.--A price Of
&2.20 for No. -Qrthern wheat at Chi
cago with differentials for the other
large markets and other grades was an
nounced late tonight by President Will
son as applicable to the 1917 wheat crop.
The price was the unanimous verdict
OF the fair price committee OF eleven
which has been celebrating under the
Craftsmanship Of DR.. Harry A. Garfield
for several days.
1t is apparently a compromise between
the producers representatives. who are
believed to have favored a price in the
neishborhood Of So. and the labor men,
bers Of the price fixing committee, who
held out for 4 figure below 81. No. I
northern wheat closed today in the
Duluth market at $3.50.
The price Is twenty cents higher than
the figure named for the 1918 crop.
The price dinerentlals are: No dark
hard winter. 1924; hard winter basis,
hard winter, 32.1s: soft red winter.
S21s; dark northern spring. $2.2%: red
spring. $2.1s. Humpback. 32.l0: amber
durum. &2.24; durum basic, t2.2O; red
curum, sans red walls, 32.l3; hard
white basis, S2.20: soft white. s21s:
white club. 32.16. No. 2 OF each grade 10
three cents less; No. 3, six cents less !:
No. I. ten cents less,
Relative market basis Chica go. Gal
weston, New Orleans, basic Kansas City
ane Omaha. Ave cents less than basic ::
Duluth and Minneapolis. three cents
less: st. Louis. two cents less: New
York. ten cents more than basic Balti-
more and Philadelphia. nine cents more I:
Buffalo. Ave cents more.
The basic grades are No hard win
ter. red winter and northern spring
President Wilson'e statement follows {:
Section IL OF the food act provides
among other things. for the purchase
and sale OF wheat and -four by the Gov
ernment and appropriates money for the
purpose. The purchase OF wheat and
flour for our allies and 10 a consider
able degree for neutral countries also
has been place under the control Of the
Food Administration.
Il have appointed a committee TO de-
termine n fair price To he paid In Gov
ernment purchases The price now rec
commended by that commit'ee-s2.2o PEI
bushel at Chicago for the basic grade
will be rigidly adhered to by the Food
Administration.
1T is the hope and expectation Of
the Food Administration and my owh
also that this step will at once
stabilize and keep within moderate
bounds the price OF WHEAT for all trans
actions throughout the present crop
year. and in consequence the prices Of
-four and bread also.
THE food act has given large powers
for the control Of storage and exchange
operations. and these powers will be
fully exercised. An inevitable conse-
Iuence will be that financial dealings
cannot follow their usual course. What
ever the advantages and disadvantages
OF the ordinary machinery Of trade. II
cannot function well under such dis
turhed and abnormal conditions as now
exist.
I'm its place the Food Administration
now hxes for its purchases a fair price
as recommended unanimously by com
mittee representative OF all interests and
all sections. and believes that thereby II
will eliminate speculation. make possi-
bile the conduct Of every operation in
the full light Of day, maintain the pub
licly stated price for all. and. through
economies made possible by stablization
and control. better the position OF con-
Sumers also.
Mr.. Hoover. at his express wish. has
taken no part in the deliberations OF the
committee on whose recommendation
determine the Governments fair price
nor has he In any way intimated an opin-
ion regarding that price"