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Show PRICE TOO NIGH, SHI STOCK! Woolgrowers Advised to Refrain From Buying Cottonseed Cake. That the present quotations of from $78 to Z a ton for cottonseed cake is unwarranted un-warranted and cannot be maintained was the conclusion of the officers of the National Wool Growers' association at a meeting held yesterday. The price is based on speculation, declared the officers, of-ficers, and stockmen are being advised to refrain from purchasing until later in the season, when a reduction of at least $-0 a ton is promised. S. W. McClure, secretary of the association, asso-ciation, said: "Before the war cottonseed cake was selling, f. o. b. the mills, at around $25 per ton, which made it possible to lay it down in the range country at $40 or less. Today the mills are quoting prices on cake of $78 to $82 per ton, which will make it cost the stockmen from $90 to $95 a ton, depending on his location. We : believe that the present price is the re- 1 suit of unholy speculation in cottonseed cake, and the situation is this: "At this time practically all the old cot- 1 tonseed cake has been sold, and the mills do not start to crush the new cottonseed cotton-seed until some time in September. At this moment the cottonseed mills have not even contracted for their cottonseed. Hence, it is utterly impossible until they know what their seed will cost them to know the price that should be paid for the cottonseed cake. "The food administration fixed a price of $57, f. o. b. the mills, for 43 per cent protein cake, and sUowing $3 to cover increased costs of operation, we do not see how cottonseed cake can sell this year to exceed $i0, f. o. b. the mills. Of course, if stockmen are going to insist on buying cake at around $80, f. o. b. the mills, speculators will gladly take their money, but if they will display a little judgment we believe this same cake will be bought for $60 before November Novem-ber 1. "There is no object in buying cottonseed cotton-seed cake today, for as there is none at hand delivery cannot be made until the new crop has been crushed. It seems to us certain that the new crop, in any event, could not sell for higher prices than those quoted today, and it is our judgment- that by the first of November the prices will drop $20 per ton. - The latest reports on the corn crop are that it will be fully up to normal, and we have all reason to believe that within the next few days the railroads will announce a 50. per cent rate on corn into Wyoming, Montana, Idaho and Utah. "The railroads are very much concerned con-cerned in trying to relieve the situation of western stockmen, and they may be counted upon to do their full share to protect these stockmen from undue loss. With a lower rate on corn there is every probability that stockmen will be able to iay their corn down in the range country at $60 a ton or less. If this conies about it will certainly reduce the price of cottonseed cake." |