Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1917-07-19
THE CORN SITUATION.
rCedar RaDids Gazette

When corn touches $500 at two
market centers and sells above $l.so
at several others as a result of com
petitive bidding for actual grain and
not as feature of speculation. the
situation deserves the most careful
consideration.
The prediction Of such price would
have been treated with derision on
Jan. l. The few hardy prognosticators
who foretold $1.25 corn were excused
on the score' Of ignorance. For Beer
bohm and others who knew had spok-
en- to the discredit Of such hysterical
prophets Of the bull pen.
The approximate yield OF 1915 was
known but the manner of disposing or
the crop was mystery to statsticians.
They had also kept statistics OF rat
cattle and hogs, but supposed that all
the corn that had not been sold by
exchanges was yet on hand. They dld
not connect live stock with the move
ment Of corn. They had taken no ac-
count of local consumption anywhere.
They flgured-that cribs were well filleo
when there were really but small piles
in the corners. They knew the corn
game less perfectly than 1t was known
by farmers, country reviewers and
country dealers.
Results have utterly discredited
board of trade reasoning and board Of
trade statistics. Dealers" did not need
to know corn. knowledge of dice or
cards was all the education they need
ed-until the rural districts called
their hands. The rural districts held
all the cards of value in the deck.
In the absence of reliable estimates
the average price received for the crop
Of 1916 can not be known. 1t is known
that the price did not pass $1.00 until
the bulk of the surplus from that crop
had been consumed. 1t does.not appear
to have been cornered. If such tactics
had been followed the holders certain
ly would sell at $3.50 or better. Cur
rent prices can not be accepted as con-
veying a proper idea of values. The
surplus Of the 1915 crop was undoubt-
eddy sold at an average price below 80
cents, possibly below so cents. The
great bulk Of it was sold in the form
Of cattle and hogs and was valuable
according to the prices obtained for
the live stock.
hSpl Ny q iiiAS
Of talk on "seaboard demand" Eek
port" crop outlook in Argentine"
available ocean shipping" and other
topics equally enlightening and fully as
pertinent. The corn exported from the
United States has made but small
impression on the business. Only from
s to 10 per cent Of Iowas corn left the
state as corn. There is no reason to
believe that one-fourth Of 1 per cent
of it left the United States as corn.
The Missouri club, which includes all
consumers, should ask to be shown.
The abnormal prices have helped
some Iowa citizens, but they have hurt
q larger number. Iowa is little richer
because comparatively little OF the
money paid for corn since the price
touched $1.40 has come from outside
the state. Feeders have footed the
bill, and the bill has been passed on.
thru the medium Of higher prices for
services, to those who employed the
feeders. Eventually the little fellow
had the boom In his possession. He
had paid for it. 1t was all his. There
should be some method of reasonable
regulation. The growers who needed
the money most sold at the lowest
prices. The total wealth Of the state
has not been appreciably increased
The total wealth of the nation has
hardly been Increased at all. =