The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1919-05-01
BARNES Threatens
FL0URSPECULATORS
WARNING CAUSES DECIDED
PRICE BREAK ON CHICAGO
MARKET, TUESDAY.
PLENTY OF. AMERICAN WHEAT
CLAIMS ADVANCES NOT JUSTI-'
FIED-WILL DISCONTINUE
-. EXPORT PURCHASES.

Cnlcago, April 29-JulluS II. Barnes
president of the grain corporation of
the food administration, made an as
sault on high prices today which
was promptly reflected on the Board
of Trade in maximum decline of
liz cents in the price of corn.
Of possibly more interest to the
housewife was the slump in the pro-
visions market. Pork dropped an ex-
IRENE $3.50 per barrel while short rib
sides, known to the breakfast table
as bacon, declined a mamixum of 81
per hundredweight, as compared with
the close yesterday.
Mr.. Barnes assault came in the
form of a bulletin of announcement
to the trade. 1t abounded in tech
nicalities, but its import was plain,
to wit, that the speculative tendency
in white flour must stop. -s.. ~.
AS an earnest of his intentions the
president of the Grain Corporation
announced that the corporation would
cease buying -four for export Except
first clears and Victory mixed fours)
and that also it would resell at such
important centers as New York, Bal
timore and Philadelphia -four pre-
viously bought for export, the resell
ing being amply safeguarded in the
interests of actual bakers and other
legitimate purchasers. He named the
price as $11.5O jute per BARREL"
Plenty of American Wheat.
"The purpose of this" said the bull
letins, is to stop the speculative fe-
yer in the -four before it becomes
necessary to take off all import re-
structions on foreign wheat and flour,
for there is plenty of American
wheat and flour if this speculative
tendency is checked"
Mr. Barnes threat, the trade real
lied instantly, had back of it the fact
that Canadian granaries and eleva-
tors are fairly bursting with wheat
at the doors of the United States,
not to mention the vast stores in
Australia and Argentina.
Will Discontinue Export Purchases.
st. Louis, April 29.-Commenting
on the tremendous price smashing
that took place on the Chicago board
of trade today, Julius H. Barnes,
Federal wheat director and presi-
dent of the Grain corporation of the
Food administration, tonight in a
statement to the Associated Press,
said the Government will discon-
ti,uc, Until further announcement,
export purchases of wheat as pre-
ventative Of speculative boarding.
Mr.. Barnes, who arrived tonight to
attend the United States Chamber OF
Commerce convention, declined to
discuss the corn situation, saying
that branch of the administration
was not under his jurisdiction. =.
Advance Not Justified.
. The statement follows: --r- ;.
sThe steady advance in the market
price of flour is not justified by any
scarcity, actual or impending, as re-
serves have been carefully preserved
for the demands Of the country.
"The mills are grinding 100000
bushels of -four weekly, while our do
nestle consumption does not exceed
100000 bushels. It is therefore a
simple prablem, to Offset any specula-
tive boarding of flour, to discontinue
export purchases.
"The Grain corporation, fortunately,
is supplied with sufficient food stocks
to carry out its obligations, including
the large relief program abroad, and
is able to and will discontinue wheat
flour purchases for export as long a.
domestic prices make this desirable"