The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-12-08
ANNUALREP0RT
ASSERTSTATUS
BEST SINCE 20
Gross Income Is Estimated at
$500. 100000 Above
Last Year
NEED FOR MORE GAINS
Purchasing Power Still Held
Is Per Cent Under
Pre- War Level
NEED FOR MORE GAINS

Washington, Dec. S.--American
agriculture. Oh the whole. occupies
the best position it has held since
1920 but much further recovery is
required to bring it back to its pre-
war condition. the Agriculture De
paltm Informed President Cool
idge today in its annual report. The
report was prepared by the late
Henry {. Wallace and embodies his
views. but was signed and presented
by the present Secretary, Howard NJ.
Gore. who was assistant secretary
under Mr.. Wallace.
"Prospects are that the gross in
come from agricultural production
for the crop year l?24-25 may reach
approximately $l2.OOO,OOO,OOO com
pared with $l1,5OO. 100000 in l923-24
and $9,550,0O0,0OO in 192l-22'', said
the report. "a favorable readjust-
mcnt has taken place in price ratios
between agriculture and industry.
While the purchasing power of farm
products is Is percent, below the
prc-war level. it is .lG percent above
the index for May, 1921. when the
depression was in it's worst period.
This years harvest was the finest in
five years. Though not the greatest
in volume of products. it was the
best balanced and represented the
best income.
"Yet it would be mistake to con-
clude that the American farmer is
done with the troubles of the de-
preston period. If the rcadjustment
Is left to blind economic forces it will
be many years before that can be
said. Although farm commodity
price levels are headed toward a
better position, they have still Il
large gain to make before agricultur-
al products will be or a parity with
other products. This means that
agriculture is still laboring under
4 heavy disadvantage.
Still Is Depression
The improvement that has taken
place has not yet lasted long enough
to produce any marked betterment
in the finances OF the farmer. As a
matter Of fact. the suffering Of many
farmers Is perhaps as intense today
as it was in the first years Of the
depression period. because the effects
of the depression are cumulative.
Present favorable possibilities will
have to he turned into realities be-
fore it can fairly be said that agri-
culture again is enjoying normal
Nevertheless the show
ing OF 1874 brings prosperity nearer
Though the crop story of 1924
spells Improvement to agriculture as
a whole, the Improvement will not
be shared by all sections of the farm
population, il was pointed out. Grain
producers may earn approximately
$500. 000.tDD more than last year but
of this the wheat growers stand to
gain by far The greater share. Corn
growers viii have less to sell this
year and as a whole the Corn Belt
must look for increased returns from
higher hog prices. The large cotton
crop should enable the South to hold
its relatively satisfactory position.
Dairying continues to increase but
heavier marketing may not result in
a greater income. There is no GER
tain prospect of increased income
from cattle and sheep production.
''ln the main it may be said that
the year will bring increased income
to the surplus producing regions. to
the Com Belt, and possibly to the
Cotton States" the report continued
"The tobacco. fruit. vegetable. and
dairy producing states probably will
not contribute much to the estimated
increase in the gross agriculture in
come Of the year. The increase is
S50O,OOO.OOO in income this year over
last year. Returns on the estimated
present value of farm capital from
this income, if operating costs were
not greater than those Of the crop
year Of 1923. would amount to 3.S
percent. This return is much below
Income from agriculture has not in
any year since the price decline of
1920 sutficed to allow both COM
mcrcial return on capital and ade-
quate rewards for the farmers labor,
risks and management"
Wheat Situation
The outstanding event in the agri-
cultural history Of 1924 has been the
wheat situation, the report said. Ap-
parent SURPRISES Of bread grains
have been much reduced, aud the
worlds crop promises to be between
300, 100000 and $50 zoo. OOO,O 900 bushels
below that of last year. Exportable
SURPRISES in the principal producing
countries have been reduced and re-
quirements Of the importing coun-
tries have been increased. The de-
mand for wheat from the United
States should be stronger than it
was last year. Wheat promises large
yields per acreage. Reduced yields
in foreign countries have brought
y market situation in which the
American farmers are receiving high
or prices for a larger crop. Never
thelcss, the rise in the price Of wheat
has not yet sufficed to give . bushsl
- 4 f.s