Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-04
WHEAT ACREAGE
REDUCTION URGED
Every Sign Points to Lower
World Grain Prices the
Next Seven Years.
BY JOHN F. SINCLAIR.

''Mr. Farmer, cut your wheat acre
age!"
Again this warning goes out from Ar
thur M. Hyde, Secretary of Agriculture
and Alexander Legge, chairman of the
Farm Board, in opening q new cam
paign for acreage reduction.
The report of the Bureau of Agricul-
kural Economists, dealing with this sub
dect, suggests that every sign points To
lower wheat prices during the next
seven years, as compared with prices
during the last seven years.
The world expansion of wheat acre
age is largely responsible for cheap
prices. In the United States, the South
western Winter wheat States show an
increase of 4,000,0 900 acres from 1924 to
1929. Canada, Argentina and Australia
have increased their acreage during the
same period of 10,000,0 900 acres.
Since 1910 the United States, Argen-
tina, Canada and Australia together
have increased their wheat acreage 49,
100000 acres.
There seems to be only one solution
Tor cheap prices-to cut acreage down
30 a point where little or no wheat ex-
port is necessary by the wheat farmers
OF the United States.
So this new campaign, inaugurated
by the Farm Board and the Department
Of Agriculture, aims to tell this story
10 every grower of wheat in the United
States.
Norman Beasley's new book, Freight
ers of Fortune" is the story of the Great
Lakes and their importance in opening
and pioneering the great Middle West.
Romance. Tragedy. Drama.-The
lakes have furnished ALL" says Mr..
Beasley The canoes Of the Senecas
have glided over them; ships have
{v,%1 (aVN4H1c. @niEfArR nf
France, Spain and England and the
United States have fought for their
possession.
And, now, for more than 100 years,
two nations, living side by side, have
shared them and have built q pageant
of traffic, the like Of which Is seen
nowhere else in the world. Across them
every year, moves a tonnage that is
many times greater than that which
passes through the Suez Canal, where
meets the trails of the world"
It's a fascinating story, told in q
most delightful manner by one who has
lived his Lakes" and writes exceed
ingly well of the spirit Of the great
adventure.
Truly "the romance Of today Is the
romance of men who have built an
unparalleled commerce"
When the bottom Of the 1921 depres-
con haQ been reacne0, 1nduStrlaI STOCKS
were selling on basis to yield almost
Q per cent-one authoritative sta
tistician puts the yield at s.92 per cent.
How does this compare with yields
now? High-grade bonds today are sell
ing to yield 4:53 per cent, preferred
stocks, 556; industrial common stocks,
$50; rails, STA, and public utilities, s.25
per cent.
So there Is plenty of leeway yet for
O reorganization, providing one believes
In the mystic Is per cent return"
While the depression has now run
nearly q year. nobody can foreten yet
which way the current will 60, up or
down. Some are predicting q rise and
some still hold to the belief that we
are in for more decline.
In all calculations. however, one must
remember that while production is on
q lower basis than before, consumption
has not been restricted anywhere like
the same percentage. Hence it's be-
come a matter Of time when one catches
up with the other. But when? This
time factor, however, economists and
experts don't seem to agree upon.
(Copyright, 1sso0