The Holly chieftain., 1923-09-27
WALL STREET AND THE
FARMER


1t seems preposterous that one
little Street out on the Atlantic
Coast should control the interests
of all the farmers of this great ma
tion and dominate their prosperity
but such is the case. For century
this country has experienced alter
nate periods of good and bad
times-A period of good prices Is
followed by a season of depression.
Some economists have thought
that such an alienation of prosper
ity and adversely was inevitable
and that there was nothing to be
done about 1t. 1t is true that In
times of good prices and easy mon
ey the farmer, as well as others. is
tempted tc speculate and buy be-
yond his buying power depending
ON the future to meet his financial
engagements. The banks also feel
the cheer of good times and gives
him lots of credit Too often this
unwise initiation leads to a string
ency in the money market and uni
versal loss. But aside from this
speculation and undue optimism
there is no good reason for the up
and down sliding scale of good and
bad times. The major cause of this
condition is Wall Street. Just as
long as they can boost prices this
is done to the profit of the Street,
then they get from under and
prices go down with crash. 1t is
wholly matter bf psychology. By
working on the minds of the farm
er . through an extensive propa-
ganda they can induce either pes
eimism or optimism. Just now with
times better. for the farmer than
for a long time. Wall Street Is
striking a. note of gloom. trying to
induce the farmer that the rising
sun is soon to go under cloud. In
the meantime Wall Street will scare
the farmer and 'hog" the profits.
The farmers need not take the
word of Wall Street but just face
the facts. For instance on July !,
1929 the price of corn per bushel on
the farm was 62.2 cents but on the
same date this year the price was
S6.5 cents. Oats increased from H."
to 1926 cents and barley from 52.2 to
55.7 cents. The only slump was in
wheat of cents The total value
of these principle grains on July !,
1922 was 81, 1873, $4,000 while on July
1, 1923 the total market value was
SO, ,6S3, ,5O6, 900 or gain OF nearly 5O)
million dollars-nO small sum. Ii
is time to deflate pessimism in
this country and begin to talk bet
ter times. This does not mean that
all is rosy with the farmer but it
does mean that he Is Justified In
assuming hopeful altitude and
expecting better times. The farm
res products are staple people
must eat. We must have his pro
duce vet the farmer is kept In a
combined state of worry by alter
nate Initiation and deflation. Per
haps cooperative marketing may
help. Gambling on Wall Street must
beaten. There is too much margin
between the price the farmer gets
and the consumer pays. The farm
ers must work at some system OF
equalization. He is not getting the
price for his crops that he ought
to get.
The department of Agriculture
declares that it costs 66 cents to
raise bushel of corn, Sl.2 to
produce a bushel Of wheat and %
cents to harvest a bushel of oats.
Present prices show that the farm
er is not getting big enough wages
for his time nor high enough rate
on his land. This is all true and un'
fortunate. but pessimistic attltu'
de will not help him. 1t will only
play him into the hands OF Wall
Street. Farmers must study condi-
tions, cooperate in marketing. re
fuse to listen to demagogues and
saw wood"