Salt Lake Telegram | 1925-04-08 | Page 9 | Shipstead Attacks Wheat Pit Game

ATTACKS II 1 WHEAT PIT GAMEl WASHINGTON 1 April S A S-A A charge th that t the recent skyrocketing of wheat prices on the Chicago board of tra trade e was due to the activities of price fixing speculators is made by Senator labor farmer-labor Minnesota in a letter to Julius Barnes former president of the c chamber amber of f commerce of the United United Unit Unit- ed States The senator also asserts that the department of agriculture whether h er by good intention or otherwise assisted in the bull movement by cooperating with the issue of false propaganda regarding a threatened shortage of world wheat supplies REPLIES TO ARTICLE The communication made public b by the senator today was in re reply reply reply re- re ply to an article published recently by Mr Barnes In which he asserted assert assert- I ed that Senator in ad ad- ad the farmers last fall to market mar mar- mar mar-I marI I ket their wheat crop then made it impossible for the farmers to take of the higher prices I of wheat prevailing this year until the recent break in the market Denying that he so advised the farmers Senator said he I did warn producers not to be fooled by the money money powers pushing up quotations for political and financial purposes By following this warnIng warning warn warn- ing Senator said the producers had escaped being caught in the awful crash In the mar mar- ket To support his contention that the 2 wheat price was the work of speculators the Minnesota senator said the secretary of agriculture had attested that during February alone the Chicago board of trade sold wheat futures amounting to bushels or more than I five times the official worlds world's vis visible visible vis- vis ible supply CALLS PRICE ARTIFICIAL The senator then proceeded to ask Mr Barnes Barne BarneL a a. s series series series' rIes' rIes of ot questions one of which is whether it is not now apparent to him that wheat never was worth 2 2 and more in January and February and that such a price was Wa artificial unwarranted unwarranted unwarranted unwar unwar- ranted by world conditions a ballooning ballooning ballooning bal bal- gamble created by price price- fixing speculators for their own enrichment enrichment enrichment en en- after atter the bulk of the crop was out of the farmers farmer's hands Referring to the chamber of commerce's commerce's commerce's com com- merces merce's recommendation to President President dent Coolidge that future trading exchanges be encouraged as a step toward aiding the farmer Senator asked Mr Barnes if he now thought this was necessary and whether he could guarantee that the national administration still has that panacea in stock as an aid ahl to the American farmer