Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1919-09-02
us. AIDONLY
CAN SAVE IT
HE DECLARES
Needs Money to Buy Food
Hits Spectator as
Cause OF e. G. L.

PATS, sept. =. Appearing
tOday before the sub-cOm
lee Of the congress siOaal com
Bfttee on war expenditures,
Herbert Hoover. director gem
sral Of iuteraItied relief. said
he believed that It was imPer-
aHEe for the Tinted States "a
extend Europe credits OF from
e3- zoe yO0A. 900 TO 81 .fsO0, ,090. .0A0
Avnsr for q year and a half
or two years IN order to pro-
vide q market for the Ameri-
eau suTplus and save Europe
from almost Inevitable disaS-
ter.
A distressing era Of speculation
in foodstuffs in the United States
and throughout the worlds pri-
mary food markets IS largely re-
sponsibIe for hign fOod costs. in
the opinion Of Herbert c. Hoover.
chairman of the interallied relief
organiza tion. who on the eve of his
departure for the United States
granted the Associated Press an
interview today
0Od6 FiOo0 MaTkeLS.
wharves and warehouses in
northern European ports are over
flowing with foodstuffs. principally
meats fats and dairy products
sent by merchants all over the
world, Mfr. Hoover said. These
merchants. he declared. had gam
bIed on sales in Poland Czecho-
Siorakia, the Baltic states and
Germany at high prices. but these
states have only a deprecated
local currency and many cOmmOdi-
tics are in danger Of spelling as
the central European market for
foodstufrs is limited to the ability
of the peoples to buy on credit
Sees Palmer on Right Trail.
Responding to an inquiry as to
how food speculation could be
Leecked in America Mr.. Hoover
Terlied:
Attorney General A. Mitchell
Palmer is on the right track when
he ende3vors to break down spec
ulafion and seeks to secure pow
crs never possessed by former ad-
ministratives TO enable him to ac-
complish this step. The situation
is one that may we'll cause a1x-
ipty also from another point OF
view. We are now coming irt 20
aood Of production OF foodstutfs in
he northern hemisphere and viii
again have great surplus in tia
United States. II. in the mean
20 purchase the coming winters
giut and prices may fall below the
cost OF production 10 American
farmers.
Speculation Worid-Wi
The present high prices OF food
are not due to over-exports to Fu-
rope from The United States dur
ing the last year. That can be
d demonstrated by the fact that we
enter a new harvest with larger
stocks OF previous wears produc-
R1 than a. this time last wear
YeF prices are veTv much higher
Tf ve are to account for the high
price level on the basis OF our ex-
ports, we should have 20 f1nd a
depletion ot our rational stocks"
Mr.. Hoover ppintsd ont that the
problems i1FFtFHI II me SD1Guia-
I i've wave we're difficult % deal
With because IL was worldwide
am not couhned 10 the United
sta les
Supply Meets Demand.
The law os supply and 5e-
ne continued, IS uot work
ing normally. While prospective
tood supplies for the next -
months arc about equal 70 the ap-
parent need. unstable political sit
nations. 3 recurring shortage OF
shipping, a shortage Of credit and
a combination OF either buyers or
sellers will tend 10 create great
speculative waves and may initiate
prices 70 . point unendursble %
ne consumer. or IN the reverse
situation. uneudurable to the farm
e~.
We will have a large surplus
g exr year and must have q pros
porous farming community II We
are to have the world FED n the
'uture and maintain stability at
loIne and abroad"