The sun., 1918-08-11
$2.46 RECOMMENDED
FOR 1919 WHEAT
Agricultural Committee Sets
Higher Figure Than That
Vetoed by President.
ACTION rs A SURPRISE
Would Mean 81 q Barrel More
for Flour and $3.50, 100000
Gain for Farmers.

The Agricultural Committee has rec
commended Ss.45 as the price for the 1919
wheat crop. The report does not say
whether this 10 the minimum price on
the farm or the fair price at the leading
terminal markets Of the country. II II
ID the price at the leading terminal mar
kets OK the country Il weuld be an ad-
vance Of about 20 cents a bushei over the
prite now prevailing. II II is the minimum
price on the farm Il would be an adj
vance Of about 80 cents over the mini
mum price now prevailing
The fact that the committee made this
Recommendation In view OF the Presi-
dents veto OF the $40 bill and the req
concentration Of Mf. Hoover cabled from
abtosd 10 4 little surprising. The eff
feet of an advance to s2.46 on the basis
Of the terminal market prtpe would mean
the equivalent OF u barrel for -four.
and on 4 crop as large AZ this years 1t
would mean an Increase In the return
to the farmers Of sis0,o0o.0oo and in
crease the cost TO the American con-
sumner to that extent, while Il would also
increase the cost OF foodstuffs to the
Aflies TO the extent Of nearly 100000,
5oo on the amount to be imported from
North America. 1t would mean an ad-
Of corresponding amount.
The price OF wheat II already Tar
ahead Of the relative advance In other
commodities. From the pre-wAr period
wheat has advanced nearly 100 per cent.
while the advance In the index price has
been only about 100 per cent, 80 that the
returns to the farmer are nearly SO per
cent more than the average returns in
other lines. and the advance Of the index
price ID influenced largely by the ad-
vance In wheat and other fosdstuffs. The
problems which the country would have
to face in the event OF peace and = $2.ts
guaranteed wheat price would be
rather serious one. A record acreage
was harvested the past year in Arsen-
tina and q new record acreage 10 re-
ported already growing there In Aus
trslia there n q visible supply Of old
wheat OF lb0,0o0.o00 to 2oo.000.ooo
bushels, some estimates running even
larger, with . big acreage sown again ON
q guarantee Of only about 81 \ bushel
for the wheat to the farmer. In india
record crop acreage was harvested this
last spring and . big acreage has again
been put In for neat spring. In this coun-
try q record acreage Of spring and winter
wheat was pat In on the basis OF q 81
guarantee one Of the great dan
gers Of An advance OF the guarantee
Is q stimulation Of the acreage Of
Anything which would increase the acre
ate Of wheat and reduce the feed SrAin
crops SO as to influence the feed supply
and the meat question would be 4 calarn.
ity to his country and to the Allies
CHfeAao, Aus. lo.-Prenouncsd set
backs In the price OF corn resulted to-
day from excellent weather conditions
and from the allied victories In France.
Ths market closed weak. an to ~
net lower, with september 15sX TO
Oats lost iss to ~. In provisions
there we're gains Of I to 400.
General selling pressure which kept
the corn market almost constantly on
the down grade seemed to come about
chieny through the outlook for crop
Improvement, as good rains over wide
districts were reported and the prevail
ing temperatures were Of a seasonable
character. Throughout the day also
continuous bulletins which announced
success after success for the Allies tend
ed to make buyers scarce. ana to en-
phasize bearish sentiment On the other
hand. car shortage complaints attracted
considerable attention and 30 too did
the smallnsss OF receipts here. Rallies,
however. were due more 10 week end
evening up by shorts than TO any other
factor ana proved to be of no lasting
effect
Liberal receipts ana expected deliv-
eries on contracts weakened oats. Ar
rivals for the week were nearly double
the corresponding total last year. Eek
port demand WIS lacking.
Strength In the hog market gave pro-
Visions lit. Some buying OF lard
was ascribed 10 packers.
wHEAT--Aii records have been broken
In the wheat nevefnsnt this week, which
tsaohed the trsre ndous amount Of 40.
s,Ss, bushels o,ss an ns.sase 2, $500 e.!
Previous high record for receipts. wss rs
Der. is,s' The Missouri state r. report ss am.
nounced. that isi5S.6oo bushels, had been
sss s:ss =: and '.sI mo Nor. su :ssn t.
CORN--.wsahnsss wss again the fea.
tyr. In the Sern market yesterday. be:
Ss:. and We: s.td ,ns sis. ss'F m ss;
rains II Illinois ana aaeIs ..ssonasi,
s:%s.'qSr s:s. a.; inter- n,, Ss,.aE sss tS1
f.iiy and closed nn.s,iisS q w o. se
York. how.ysl was semsvhai nrmer
and freight New York.
OATs-A renewal Of country offers or
a liberal seals brought further hedging
encouraged local and commission nous,
selling, which broke the market V O / y C
per bpshei, last prices being around
were easier, being quoted as fellows
standard, ssetoxo.; No. white. SeNo.
No. 3 white. see,i No. white. 1sc..
ordinary clipped white. 7i9ieo,
RYE-MArket duil; No. 2 western
Gill. cost and freight New York.