Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1920-10-25
Frazier and Baer
Desperate, Says j. d. Bacon
In Statement to the Public


emit to the Public
regulations there was zoe drop in
airy to the low market in February,
1920. From July l to Oct. 20, 1920,
while trading in options was permit
ted, cash wheat on rack in Minneap-
oils, suffered a drop of Use per BUSH
Ell.
I would like to see a federal regu-
lation, whereby selling futures would
be permitted only by actual delivery
of the grain at a specified time.
Unless all line. independent, AMI
farmers elevators. could sell their
grain for future delivery, as fast as
they buy they wou:d have TO puy on a
much greater margin. in order to pro-
tect themselves against losses by fall
ing price, during the period In transit.
and the farmer would be the one to
suffer. When the elevators are able
to sell all they buy each day, they
are able to pay the farmer Minneapo-
lis prices, less freight and handling
charges, n a reasonable profit for
doing business. Under these rcgula.
tons no one would be gambling, but
doing business on the present market.
Keep Canadian Wheat Out.
! One of the real causes for the pres
ent decline, according to Canadian
records Statistical Service of w.
Sanford Evans & Co., Winnipeg), is
the fact that of all Canadian wheat
loaded on of Canadian terminals. at
Fort William and Port Arthur. from
Sept. LIST until Oct. 8, 61.6 per cent
on wa ~ ~ ~:A> CA4Aa, -..-~
$500 for a bushel of wheat in the
United States was equivalent to $500
to II farmer in Canada, on account
of the premium, or United States
money over there. WHY DOES
WOODROW WILSON NOT STOP
CANADIAN WHEAT COMING IN? +.
II this same percentage prevails
for all of the wheat Canada has to
export. it will mean from 114,o00,0 900
to 120,o0o,000 bushels of wheat
dumped into the United States,
which. together with the 200, 600, 900
bushels Ne have for export, will mean
that the farmers Of the United States
will nave about 320,0O0,000 bushels
of wheat to sell in the markets Of
the world, and it is only fair to pre-
sumo thai European buyers will pur-
chase from Australia, India and the
Argentine, in preference to the United
States. if for no other reason than
because of the difference in exchange,
American money being worth SO
much more than the money Of n of
these foreign countries. For instance.
a bushel of u wheat. on the basis
English buyer s2.sl. the French
buyer IS. the Italian buyer $40, and
the German buyer $500 of their
money. besides all transportation
charges. Is it not reasonable t. sup
pose that they will buy as little AM
erican wheat as possible? Many for
eign people are now using corn, bar
ley, and rice as substitutes for wheat,
because they are sc much cheaper.
The average high market for wheat
for every year since 1876, including
the high price of 1917. is s1.16 81
per bushel. The average low price
for the same period is SIS "a, MAX
ing the general average for the same
period, $.s7 per bushel. The average
price for the same period. down to
1914 (pre-war period) was $.S1 5-S.
The cost of production, at the pres
ent price Of everything that the farm.
er uscs, and the present price OF !c-
Dor. is so great that it will not be pos
sible for him to produce wheat, at
the price which has prevailed during
S-o tS>AASN uAllSoS d linz
reduction in all items hat
make up the cost of production.
Townley offers no remedy. but says
Big Biz is to blame.
The manufacturer claims that the
cost of raw material for most articles,
ts a small portion Of his increased
cost, that the cost of heat, light,
power, coal, tools, machinery and la
bor are so great that it is impossible
to reduce prices as fast as people be-
lieve they should be reduced. The
uppermost thought in the minds Of
our people. is the reduction in prices.
and people the world over are post
pontng the purchase of anything they
can possibly get along without. in the
expectation that prices are going to
be reduced. Are bankers and grain
men to blame for this?
n N~onpartisan League, especially
Professor Ladd, president of the Ag-
ricultural College, and J.. A. McGov-
ern. deputy state inspector Of grades,
weights and measures, have beer
preaching higher prices to the farm
er, while many Of their adherents.
among labor, have been preaching
lower prices for all Commodities, and
a higher price for labor. Whether
these things have any bearing on the
situation or not, you must judge for
yourselr. The fact remains, that the
North Dakota farmer has suffered
several million<dollars loss, by holding
his wheat. and whether or not a FUR
er decline Is in store, the farmer must
be his OWL judge. The decline in
wheat and hogs has o been as
great. from a percentage standpoint,
as that Of corn. potatoes. barley. wool.
beef. cotton. ugar and lumber.
Nxink the Price.
John Baer claims to have had con-
siderable to do with the government
making the price of wheat $2.2o,
when $1.S5 was the first price con-
itemplated. The facts are that John
Baer was not present at the hearing,
and hadn't. a single word to say be-
fore the comnAttee. which fixed the
price Of wheat, and President Ladd.
I'm his letter Of Sept. 8. 1917, to J. d.
Bacon, admits that the committee OF
nine farmers from North Dakota, who
INVENT to- WaShin9ton Az M intarAsf ~