Evening star., 1922-08-31
BY J. G.. ROYLE.

Special Dispatch to The Star.
NEW YORK, August 31.-Farmers
all over the country are complaining
bitterly over the smallness of the re-
turns their crops are bringing them.
They declare. with some basis Ia fact,
that grain and other products of the
soil at present prices are at an un-
warranted discount as compared with
products OF the mines, mills and fac
tories
Their complaint, however justified,
gives no promise of bringing relief.
The farmers of the nation are slated
TO wind up with a fairly successful
year in 1922. That Is. they will be
able to get themselves out Of debt for
the first time in the two years since
the period of depression started, and
have fair margin Of profit remain
ing for the purchase of necessities
and some luxuries.
Flivvers for Farmerb.
There will be few Rolls-Royce Sc
dams purchased by the agriculturists
this fall, but a good many. will be
able to afford new flivvers. This pre-
today by half dozen bankers in
various sections who are in close
touch with agricultural communities
and who are helping finance the
movement of the crops.
The cause for the present dissatis-
faction OF the farmer lies in the eX-
port situation. according to these
financiers. This country, they said
today, could and would absorb even
the big bumper crops raised this
year, but not at extremely high prices.
The difference between big year
and fair year for the farmer lies
in the amount of his products shipped
abroad. The European demand de-
pends largely on Germany. and the
: financial condition of that country
must become worse before 1t is bet
ter.
British Profitable Customers.
Europe is willing and anxious to
buy American agricultural products,
but she is unable to pay for them.
Europe will need about $4,000, 900
more bushels of wheat than was. i'm
ported last year. because of the fall
ing on In European acreage planted
of 100000 acres. unfavorabie grow
Ing conditions and lack of fertilizers.
But Great Britain is the only coun-
try in a condition to become a profit
able customer. We may give grain
to Russia, but we cannot sell 1t to
her.
France is dependent financially, to
large extent, on Germany's ability
to rehabilitate the mark. Italy will
not be large buyer and central
Europe is virtually bankrupt.
Germans Not Buyers.
Germany could buy largely, but she
will not. A New York banker de-
banks are full of German gold. but
not dollar or pound promises to
be spent in the purchase Of American
agricultural products. for vast sums
are composed of the hidden gains of
German manufacturers, placed here
for safekeeping and to escape taxa
tion and not for investment.
For the last two years German man.
ufacturers have reaped tremendous
profits. for they bought material and
sold in competition with England and
America for English and American
money. Those manufacturers were
forced to obtain governmental per-
mission to export, and in making ap-
plication many listed their shipments
far under the prices at which they
actually sold, providing secretly that
the difference above the price In
voiced be deposited to their credit in
New York or London.
Effect on Business.
These men could buy and pay. but
II they secure commodities for import
into Germany they must account for
the money with which they made
their purchases and pay constantly
increasing taxes upon it.
This crop situation will have q wide
spread effect on American business.
The buying power is one of the big
factors of commercial life, and that
buying power will not be as great
this fall as was expected earlier In
the year. 1t will be large enough,
however, to assure a steady, healthy
demand for commodities In general
and sustain commercial activity
throughout the winter, provided the
farmers do not suffer further injury
from transportation or industrial tie