Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-01-14
BREAK IN FARM
STRIKE is SEEN
y IN CHICAGO PIT
Banker, Viewing Situation
Generally, Says He Believes
Worst Is Over.
NORMAL MARKET NEAR

CHICAGO, Jan. 14.-Strike of farmers
against marketing wheat in an effort to
force higher prices is starting to break,
IN the view of fnanciers, grain dealers
and others in touch with the situation.
The real magnitude Of the strike was
brought home to grain dealers today
with an announcement by Chicago Board
of Trade statisttclans that $4,000 900 bush
Ella less wheat passed through Chicago In
1920, compared with the year previous.
In 1918, the figures showed, 1892, 900
bushels passed through Chicago channels
while in the year just ended only 49,
e37 600 bushels were handled. The wis
r%Dle supply Of wheat on Jan. l, 1921,
was 43,O63,O0O bushels, compared with
Is. 36S 600 a year ago. The visible sup
Ply" is the amount actually held in the
great market centers and shows that the
farmers strike had decreased marketing
nearly so per cent
The widespread effect of the strike
blamed as being largely responsible for
the tight money conditions and the gen
eral industrial depression, were explained
by David r Forgan, president Of the
National City Bank
BORROWED MILLIONS
To AID FARMERS.
Farmers borrowed millions OF dollars
from their bankers a year ago to finance
this years crop. When prices fell and
they refused to sell, they were unable
% repay their loans or pay other debts
AMI bankers ran short of money. Funds
which would have been used in develop
ing and carrying on other business, were
held by the farmers. causing tight
money" until the farmers began to liqui-
date
1.-THE whole order Of events was halted
when the farmers refused to SELL"
FOrgan stated. Agriculture is a funda
mental, basic industry. One-half OF the
people of the country depend upon it
for living
Before business can become normal,
the farmer must do three things-he
must sell, he must pay what he owes
his banker and his other debts and
then he must buy Liquidation begins
with him and passes upward along the
line"
Morgan said the movement OF wheat
was starting.
at is slow, but the tendency is I'M
mistakable,' he said Viewing the sit
uation generally, I think the worst is
over"
No further large drops in prices were
anticipated as a result Of the marketing
Of -"large years Of grain
The International Harvester Company.
\ also in touch with the situation, said that
~ increased flow of grain to the central
markets had been noticed since the first
of the year. Collections among farmers
have shown slight improvem mt, they
said.
THE farmer is doing the right thing
By marketing only such produce as Is
necessary for him to live" said J. a.
Jones of the sales department Of the
harvester company. I'm doing so he is
stabilizing the market which would be
much lower If he dumped his grain.
Because Of the wide disparagement in
Price between what he sells and what he
must buy. the farmer Is holding his
grain. This disparagement will grad
ualIy clear away"
FELT HEAVIEST
IN KANSAS AND OKLAHOMA.
D. ". Snow Of Bartlett Frazier Com
pany. large grain dealers, said that the
strike was felt heaviest in Kansas and
Oklahoma. In other sections Of the
country, he said the crop now is being
marketed nearly normally.
The large decrease in the amount Of
grain handled through Chicago last year
was due at least in part, he believed, to
the fact that shippers are sending grain
to other markets, especially Galveston.
He said the farmers rushed TO market
with their crop IN 1913 because the gov
eminent had guaranteed the price, while
this year the marketing is more grad
ual.
NThat the lower prices probably will
= not result in a cut in production of
wheat this year, is shown by the gov
eminent figures on the acreage Of winter
wheat. The government reports showed
S7.7T3OO0 producing acres in 1920, while
the estimates Of winter wheat now plant
ed is 40,605OO0. 1t was pointed out by
government experts that this will be
reduced later. however. by some being
killed during the winter