Evening star., 1937-08-29

accounted for reduction or elimination
OF certain agricultural surpluses
BY the beginning Of the crop year
on July l, 1887, the wheat carry-over
had been reduced from 75,5O0,0OO
bushels on July l, 1882, and from the
all-time high Of 377 100000 bushels on
July l, 1888, to lo3 100000 bushels.
not far from normal" BY August /,
1897. the world carry-over Of Ameri-
can cotton had fallen to roughly
5000 900 bales, whereas in 1892 it had
stood at 1890 900 bales. BY October
l, 1886, the corn carry-over had de-
clined to 178,l00000 bushels. AS
measured by the seven years preced-
ing 1888, some 186,700,0O0 bushels
would have been about average.
Wallace stressed the upturn taken
in farm real estate values. and attrib-
uted it to the renewed earning power
Of the farm The total estimated
value Of all farm land and buildings
had climbed back to s35,355, 100000
from its 1888 low of $30,725, 900 900.
For the country as whole, the decline
in farm real estate values had come to
an end in the year ending March, 1888.
At that time the estimated value per
acre was 70 per cent of the 1924
average. BY the year ending March,
1897 it had risen IS per cent of that
pre-war average.
Forced farm sales through fore
closures and other causes also de-
clined, from SAL per thousand farms
In the year ended March, 1898, to
asa per thousand farms for the year
ended March, 1886. Voluntary sales
and trades Of farms during the same
period rose from 1853 to 240 per
thousand farms. Farmer bank
ruptcies for the year ending June 30,
1896, fell to 3,642-the lowest since
1922. This figure compares with SILT
for the fiscal year ending June 1898.
The generally improved agricul-
tural situation had extended itself
to wages paid hired farm labor by
1896. For 1896 farm wage rates rose
to 107 per cent Of the pre-war average,
and on July l. 1887. the figure was
l23 per cent of the pre-war average.
IT WAS pointed out that the heavy
reduction in wheat, corn and other
grain carry-overs In 1884, and the re-
duction in live stock numbers, were
largely due to the drought. The Gov
ernment had purchased cattle, sheep
and goats-12, ,240,262 head Of them
at cost Of $l19.256,056 Because of
starvation or thirst approximately s.
$50 900 of these animals were unfit for
food purposes and were. condemned.
The rema lining animals, he said, were
given to the Federal Surplus Relief
Corp. for slaughter, largely for dis
tribution to those on relief.
These live stock purchases relieved
commercial channels of the pressure
by the distressed stock, and allevi-
ated the glutting which would have
forced prices still lower. Furthermore,
as result Of this measure, farmers
whose cattle would otherwise have died
on the range had money with which
to rebuild their herds on a better
basis, many Of the inferior animals
having been culled out.
HC 0CCICLAIy I1lC ScCue
purchase program Of the A. A. A., with
= 25,oo0,o0o emergency fund to buy
adapted seed for crops in which there
was . deficiency apparent early in
1894 in the drought areas. Rental
and benefit payments in the % States
in the drought area totaled $786,593,.
65263 1T the close Of 1885. In the
drought Of 1886 efforts were made to
aid the farmers Of the stricken areas
by . program Of work relief extended
through the Works Progress Admins
tration, by means Of loans made by
the Resettlement Administration, in
addition to the Government lending
agencies, by an emergency live stock
purchase program, by q seed purchase
program, by shipment Of carload lots
Of feed and food sent at Government
expense into the affiicted areas, by
notifications in the soil conservation
program to increase production Of
food and emergency forage crops, and
by payments to farmers In the drought
area under the Soil Conservation and
Domestic Allotment 9ct to provide Q
measure Of CROP p-insurance to farmers
a. the rental and benent payments did
In the drought Of 1894.
In 1884 . total Of 35.767,899 acre.
(see WALLACE, Page Fly