The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1923-12-27
BY GLENN CKISWOLD

'NbSu6O Vodi vi SShiAAiN'SNP
We heard recently a great cry Of
distress from agriculture because
wheat had fallen below $1.0D d
,bushel There was depressing
and unmarketable surplus OF 90
100000 bushels and farmers faced
ruin
Then came terrible statisticians
10 show US that the surplus was
much less than reported, was ot
poor quality and NOT matter Of
great moment since wheat is less
then I per cent Of our asrieultnfs1
production.
An, but wheat Dis one OF our
three great money crops, while
corn is not sold for cash." replied
the wheat mourners. 1T makes
little difference 10 the farmer wha1
is the price OF corn so long as
LIVESTOCK sells well since the corn
is all fed"
Specious as is this reasoning.
end important as wheat may be.
now comes factor that sets both
arguments awry. For corn is fast
becoming a cash crop and tenden-
cies in that direction already point
to new affluence for large part OF
our agricultural world. Let us
consider the factors involved.
Bumper Crops, Yet None Left
After four consecutive bulnpe.
corn crops, there is practically no
corn left. The visible supply, as
reported by ma rket statisticians,.i is
almost invisible. Ours is the only
country in which corn is grown in
commercial quantity. Iowa raises
more Indian corn than all the
world outside the United States.
Other nations have never learn
ed TO eat or feed corn and may
never be taught. But they have
developed new appetite of appar-
emily unlimited consumptiye ca
pacity for corn products, corn OIL,
syrup, breakfast foods, starches
ari other refinements. Our ex-
ports of these things are limited
almost solely by supply. Amer
leans are developing amazingly
their liking for the same products.
One of the largest makers OF
corn products went to his bankers
some weeks ego and asked for
large loan, much larger than he
had ever asked, to buy corn. He
said that IL he waited few months
there would be no corn and he
would be Obliged to close his
plants. The loan was made, the
buying of that man had something
to do with the advance OF corn and
today he has profit OF % cents
a bushel on the corn he has stored.
1t couldn't be bought at today's
price, however. This manufaC-
turer knows that prices may be
softened as the new crop comes in,
but he will buy the new crop and
hold the old. He sees a greater
scarcity of corn f1ext year than this
regardless of how much govern
ment figures may be increased In
the final accounting. ~
Little Corn Left
There is little real corn land left
in this country that is not now
planted to corn as often as wise
crop rotation will permit. Hence
the conclusion that supply cannot
increase apace with demand.
Hence, also the thought that corn
not only is becoming a cash crop
but it is becoming a sellers croh
Another sidelight: In 1916 The
president of the Corn Products
Company (that great Rockefeller
experiment in making corn a cash
crop said in his annual report to
stockholders that there was no as
set value behind the common stock
In that year it sold as low as 1874.
Since then great earnings have
been made and the stock has near
ly touched $40 share. In 1916
corn syrup was exported in tin
cans and few went overseas. To-
day 1T is shipped in tank steamers.
This leads to two conclusions:
first, that corn almost certainly
VIII compensate agriculture many
times for it's losses in wheat. Sec
ohd, farm land best suited for corn
growing will some day in the not
distant future sell for more than
was paid in 1919 and 1920 by spec
ulating farmers betting on the
quick future and protected by
bhoestring margins. This appears
10 be true for reasons other than
the time honOred and past proven
one that the time to buy anything
Is when nobody else wants it.