The Robesonian. [volume] (Lumberton, N.C.) 1870-current, 1917-08-16
WILL TAKE OVER ALL WHEAT
GROWN IF NECESSARY
SoO,V0O,OO0 Corporation Formed With
All Stock Held by Government
3 To End Speculation

IL Liiu speculation
washington Dispatch, Au g. 5.
: Inc food administration prepared
to take over the entire 1917 wheat
crop II necessary to stabilize prices
throughout the year. It formed al
$oO,OOO,00O corporation, with all of
the stock held by the Federal govern
ment, to buy and sell wheat at the
principal terminals.
Ihe move was the first of a series
TO be taken to reduce the price Of
bread. Millers already have agreed
to put themselves under voluntary
regulations and are working out with
the food administration different
lal OF profits. Distribution of flour
by the wholesalers and the baking of
bread will be taken up next.
7 The hope Of the food administra-
ton is to establish a scale Of prices
from the farm to the grocery store,
eliminating undue profits and ending
speculation.
In announcing formation of the
wheat corporation, the food admin
lstration also has made known the
personnel of a committee which will
fix price to be paid for this years
wheat yield, and the names of 13 men
who will act as purchasing agents
Tor the corporation at terminals.
The wheat corporation will be put
under the administration grain di-
/ vision. Its chairman will be Herbert
Hoover, and it's president Julian
i Barnes, Duluth exporter, now serv4
i ing as voluntarv aide in the food
administration. The price-fixing
Ecommittee will be headed by Presi-
dent Garfield, of Williams college,
i and will comprise -12 members, rep
s dresenting producers and consumers.
i The wheat corporation will handle
4 all allied grain purchased and will do
the buying for the American gov
4 ernment. The Allies will be requir-
q ed to purchase flour .instead Of wheat
Il Oh the theory that manufacturing
q costs will be reduced and American
sklndustry Encouraged. :
f GAll of the grain men who are tax.
i Ell into the food administrations
81 grain division will disassociate them
& selves, from business interests ano
81 give their entire time to the govern
ment without remuneration.
F'These men," said Mr.Hoover, care
! making magnificent sacrifice arr
: many Of them are giving up large in
J comes"
7 Authority to license grain elevator!
I and milling concerns was given for
/ mally to the food administration to
i day in proclamation by Presiden
I, Wilson Mr.. Hoover hopes that ope
r ration or the licensing system will
make unnecessary any extensive gov
: ernment purchases for the allies. H
S believes stable export price AM
0 proper supervision of exchange deal
f ings will do more than anything els
/ to keep prices on a constant level.
: More than 100 representatives O.
n boards of exchanges and elevator sys
e TENS came to Washington todav fo
: conference with officials on tn
Y governments plans. At the end O
: an all-day meeting they issued
statement approving the food admin
r istration's proposals.
t No plans have been made for grail
e purchased bv neutral countries, al
t though it is likely all will be requir
e ed to buy through the food admins
f tration. This will give the govern
J. ment close check on purchases an
t will aid the exports council, to whic
|. applications for grain exports mus
t be submitted.
f just now no food Of any characte
: is leaving the United States for tn
t European neutral countries, but som
S will be permitted to go as soon a
= the countries concerned have supple
full data as to their needs.