Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1917-08-31

realized ina some w Will De
forced to sell their wheat at a loss,
profit.
The Presidents Statement.
The announcement was made at the
White House in the following state
ment by the president:
Section II of the food act provides,
among other things, for the purchase
and sale of wheat and flour by the
government, and appropriates money
for the purpose. The purchase OF
a considerable degree for neutral
countries also, has been placed under
the control of the food administration.
I have appointed a committee to de-
termine a fair price to be paid in gov
eminent purchases. The prices now
recommended by that committee
$500 per bushel at Chicago for the
basic grade-7will be rigidly adhered
to by the food administration. .
1T is the hope and expectation of
the food administration and my w
also, that this step will at once stabil-
lie and keep within moderate bounds
the price of wheat for all transactions
throughout the present crop year, and
in consequence the prices Of -four and
bread also.
Cuts Out the Speculation.
THE food act has given large pow
ers for the control of storage ana ex-
change operations, and these powers
will be fully exercised. An inevitable
consequence will be hat financial
dealing cannot follow their usual
disadvantages Of the ordinary ma
chinery of trade, it cannot function
well under such disturbed and alb
normal conditions as now exist. In
its place the food administration now
fixed for it's purchases a fair price, as
recommended unanimously by a COM
mite representative Of all interests
and all sections, and believes that
thereby it will eliminate speculation,
make possible the conduct of every
operation In h full light of day.
maintain the publicly stated price for
all, and, through economies made pos
sible by Sterilization and control, bet
ter the position of consumers also.
Hoover Kept Hands or.
Mr.. Hoover, at his express wish.
has aiken no part in the deliberations
or the committee on whose recon-
mendation I determine the v
n fair price, nor has he in any
way lntimated an opinion regarding
that price"
The report of the committee ad-
dressed to h president, follows:
The Committees Report.
The undersigned committee has
been asked by you to recommend the
price which the government shouId
pay for the 1917 crop Of wheat. In
its deliberations the COMMITTEES has
Kept constantly in mind the three foI-
lowing factors:
EIrst-The fact that the United
States is at war.
Second-The need of encoura pin,
the producer. Hs
Ihtrd-The necessity Of redi,cinp
cost of living to the -
normal laws of supply and de-
mand have been violently interfered
with and congress has undertaken I'd
offset this disturbance by conferrinp
s~Atraoroinary powers upon the presi-
GENT 70 stabilize prices. Each Of the
foregoing factors grows out of condi-
tions which have received careful AT.
tention of the committee. Chiefly
among them are!
10 Help the Consumer.
That the wheat yield in q ereat
ana important section Of the country
mas this year been below the normal:
tnat over against this situation ts the
crying need among the whole body Of
the population, especially the wage
earners that the rising tide Of costs
be stayed and reduced as rapid.
~ as possible consistent with The
welfare OF the producer. that thu
government is at the present time en-.
4 Gagged In h great task OF REDUCING
and stabilizing costs Of other STAPLE
conditions; that the wheat of Tho
world Is abundant for Its needs: ever
d~isregarding the stores In Russia
but because of lack. Of shipping ant
var conditions the burden OF supply