Norwich bulletin., 1917-08-31
Wheat Price Fixed
 at S2.20, Chicago
ANNOUNCEMENT MADE AT THE
 WHITE HOUSE
A COMPROMISE FIGURE
Labor Representatives in the Commit tee Voted First for $1.84 and the Farmers for $2.5o-Vote for S22o Was Unanimous.

| Washington. Aug. 30. - price o1
 $220 a bushel was fixed for the 1917
 crop of wheat by President Wilson to- l night on the recommendation of the wheat price committee headed by Dr. l H. A. Garfield. The basis will be No l Northern spring wheat delivered at 1 Chicago.
 1 The committee finally agreed late this afternoon after several days of l voting. At one time today it looked
 as if it would be unable to come to a
 conclusion but just before six o'clock ] a compromise was reached and the last vote was unanimous.
 Compromise Vote Representatives of the producers be- gan by voting for a price of S2.50 and labor's representatives for $1.S4. The two extremes eventually narrowed down until the votes were only a few cents apart and most of the days vot- ing showed only a slight difference.
 Both factions appeared uncompromis- ing at the start.
 On the basis of s22o at Chicago. the food administration worked out to- night differentialS for the various grades and classes and for the several terminals.
 The price fixed tonight is 20 cents higher than that named for the 1918 crop by congress in the food control bill. The $2 price set by congress was taken into consideration by the com mittee in considering a fair valuation
 
 In a statement accompanying the an nouncement of the price President Wilson declared it is the hope of the food administration and his own as well, that the fixing of price will sta b1lIZe the market and keep prices with in moderate bounds for all transac- tions during the current year.
 Price of Bread Will Be Kept Down
 The price of flour ana bread, too the president declares, will be kept down
 The committee in it's report to the president. gave as the three chief con alterations that entered into it's de- Alterations the following:
 The fact that the United States is at war, the need of encouraging the producer, and the necessity of reduc- All members agreed in their discus siOns that the price fixed will permit of 14 ounce loaf of bread for five cents, allowing fair profit both to the manufacturer and the baker.
 White House Announcement
 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 wheat and flour for our allies, and to 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 ernment purchases. The price now by that committee-S2 20 per bushel at Chicago for the basic grade-will be rigidly adhered to by the food administration.
 To Stabilize Price
 Ut is the hope and expectation of the food administration and my own also, that this step will at once sta bilize and keep within moderate bounds the price of wheat for all transactions the present crop year, and in consequence the prices of flour and bread also. The food act has given large powers for the control of stor- age and exchange opera tiOns and these powers will be fully exercised. An in consequence will be that finan- ciaI dealings cannot follow their usual course. Whatever the advantages and 1 disadvantages of the ordinary machin- i ery of trade, it cannot function well | Inder such disturbed and abnormal l conditions as now exists. In it's place | he food administration now fixes for 1 ts purchases a fair price, as recom- | nended unanimously by a committee 1 representative of all interests and all | sections and believes that thereby it 1 will eliminate speculation, make pos he full light of day, maintain the pub icly stated price for all, and thorough 1 economies made possible by stabiliza- ion and control better the position of also. MT. Hoover, at his xpress wish, has taken no part in he deliberations of the committee on whose recommendation I determine the overnment's fair price, nor has he in ny way intimated an opinion regard ng that price"