Great Falls daily tribune. [volume] (Great Falls, Mont.) 1895-1921, 1920-05-08
Al GRAIN CHIEFS
T0PLAN FUTURE
Of WHEAT TRADE
Barnes Vetoes Embargo
as Menace to Producer;
Committee Of l6 Will
Weigh Speculation.

Chicago. May IA committee Of for
ty-seven. representing all branches Of
grain production and marketing. will be
appointed to plan the handling of the
wheat crop and to take acton on the
opening Of grain exchanges for future
trade in wheat after May 81. when tie
wheat guaranty act expires, it was de-
of trade representatives. grain dealers,
millers, elevator men and bankers. call
ed hyeJulius H. Barnes. federal wheat
director.
At the same. time a committee Of six
teen. composed of two representatives.
who will be appointed by each of TIE
eight exchanges where trades in futures
have been handled-Chicago. Duluth.
Minneapolis. Omaha. Toledo, Milwaukee.
recommendations on the resumption Of
future trading in wheat. This commit
tee will consider suggestions from all
elements concerned. and will report its
recommendations to The general COM
mittee which viii take action.
A committee composed Of Fred b.
Wells. Of Minneapolis; .. NJ. Mitchell.
Of New York: H. n. Hager. of Chi
cazo: +. ]. LinEham. Of Lockoort. n.
Indiana. was chosen to arrange for the
organization Of the grain committee.
they will be members. with Mr.. Wells
as chairman.
Groups to Form General Body.
The general body will be composed Of
three Representatives from the following
groups: Millers, country gain dealers.
farmers elevators. terminal elevators.
farmers organizations. producers, ex-
porters. flour handlers. bakers. ex-
changes in the county.
Suggestion of grain exchanges that
the United States government invoke
the embargo provisions of the Lever
act. If necessary to prevent the pool of
Americas wheat markets. was vetoed.
Barnes told the grain men that the
proposal presented 'untold difficulties"
Whose judgment to Oeclds7
"Crop yields and homo consumption
do not lend themselves to exact calcula
ton. and In whose Judgment should
decision rest as to when an export move
ment begins to encroach upon home con-
sumption" Mr.. Barnes asked in discus
sing the embargo proposal.
Moreover" he added. ''any form of
embargo is a menace to the producers
right to free world market II that
producer be deprived of that natural ad-
vantage. then justice dictates that he
should be protected against the collapse
which might follow surplus crop con-
fided to insufficient home consump-
ton
Attacks Allied Subsidy.
Mr.. Barnes criticized the subsidy plan
under which the allies sell American
grain to their people at less than cost
and also the power Of the foreign buy
ing pool.
There are unusual obstacles in the way
of the return to an open market. he sald.
adding:
First. there is the totally Inadequate
inland TRANSPORTATION facilities OF the
I'VE may lexitimately expect meas.
ure of transportation improvement, IT
there should be developed a. slowing
down Of general business. A fair solu-
ton of labor Interruptions and some
measure Of new construction would also
help"
1.-THE railroads have fallen down and
fallen down hard" +. Il. Goodrich. of
Winchester, Ind, said I'VE can't seq
much for the grain trade unless trans
portation il improved. We think future
trading in wheat should be resumed 1t
the earliest possible time, but If rail-
road conditions are not bettered first,
II might mean q runaway market"
Frank &. Crowell said conditions were
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