The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1923-07-23
GROWERS WILL
H0LDWHEATIS IS
JEWETT CLAIM
Head of American Wheat
Growers Says $5O,000,00O
Is Available for Holding
FOR SELLERS STRIKE
Says Wheat Should be Near
$1.5C q Dushel to Show
Profit for Farmers
FOR SELLERS STRIKE

Minneapolis, July .23.-Bolstered by
government agricultural loans upon
which no limit has been set and
which may run up to 10000, 900. the
American Wheat Growers association
will decline to sell q bushel of wheat
at present prices, and will hold its
supplies in storage for an advance
for year il necessary, George C.
Jewett, general manager, said here
last night.
The policy Of the wheat growers
organization, which report prospec-
tive receipts of from $4,000 900 to 75,-
OOO, 900 bushels, is on manifestation
Of a so-called "selling strike" an
proved nv the American Farm Bn
rean federation. according to dis
patches from Chicago. Thomas Ha-
non. manager o. the United State~
Grain growers Sales COMPANY. said
that his comn,rv. would follow the
ro,;cv arnroved bv the American
Farm bureau federation and would
"rpe formers to hold tha;r wheat for
the rre.er+ and ~ mse the resources
"f the Federal Intermediate Credit
ha-t thronph 0~a1'Hcd agencies to
enable them to do it,"
"Not q Bushel' to Sell.
Mr.. Jewett said the first wheat to
be handled by the American Wheat
Growers associated would come in
from the southwest in few days and
and that not a bushei will be sold
until the price goes up. He said
the Oklahoma Wheat Growers Asso-
ciated, a state body organized on a
similar basis, but not afiliated with
the national organization, is already
borrowing about 100000 daily from
the Intermediate Credit bank in Kan
'sas for the purpose, Of holding in
wheat. ~1'',
At conference Of Federal Land
bank and intermediate Credit bank
officials in St. Paul, Mr.. Jewett said,
his organization was assured the In
termediate Credit bank would take
care Of any excess needs and that no
limit was placed on the amount Of
money that might be borrowed. By
"excess needs" was meant any money
needed beyond what non-government-
al banks would lend.
"The money 10 obtainable at 61-2
per cent and will be loaned to the
farmer at that rate" Mr.. Jewett said.
"The farmer faces the problem of
handling of this crop with better A.
nancial equipment than he ever has
had before, and we believe, through
our own organization, more concrete
means Of attaining orderly marketing
than ever was at his disposal before.
Calls Low Price Unjustified.
u do not believe there Is any Justi-
fication tor the present price OF
wheat, not only because it is less than
the cost Of production, but also be-
cause OF the factors Of supply and
demand. l believe the present price
is not the result Of government in
reference and the Capper-T -Tincher
law, but q speculative result. cul-
of bear movement that is
quite likely to come about ut this
time of the year. There is talk Of u
wheat surplus in this country Of l80,-
0OO, 900 bushels-loose talk, for. this 10
the world surplus, not unusual sur
plus. Our own surplus is 80.000.OOO
bushels, q smaller one than we often
have had. think production this
year is hardly up to average.
Certainly we will not sell at pres.
ent prices. We will hold out allyear
il necessary. The farmers will be
advanced per cent Of the parke*
price when they deliver their wheat
to us, through rediscount facilities.
and with that advance we will be
able to hold out.
suggests @l.so to Snow PROFIT.
"What we would like to have and
what we will get in the way Of a
price are often two different things.
But $3.50 would be price at which
0,,r farners c0filA ah0yv some nrof1t {"