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Show jCHnRGES IDE TO PRESIDENT j RESULTJH PROBE Investigate Complaint That Speculators Forced Down Price of Wheat CHICAGO. Oct. 20. Tho federal trade commission today began an in-Julry in-Julry Into tho operations of the Chicago Chi-cago board of trade. The hearing follows recent complaints com-plaints by Governor Henry J. Allen, of Kansas, to President Wilson, that speculation caused the recent depression depres-sion in wheat prices. He charged that speculators forced down the price sli cents. P. L- Gate., president of the board, prominent wheat traders. Senator Arthur Ar-thur Capper uf Kansas, who also h;is chanced that wheat speculation was detrimental to the farmer, and representatives repre-sentatives of various farm organisations organisa-tions were called to testify GATES is WITNESS. President K I. Gates, of the Chicago Board of Trade, presented a table of wheat prices for the past three years, which, he said, indicated that prices on the local exchange were higher both before and after the period of federal control than during the existence of the government guarantee. He reiterated reiter-ated that only the fundamental law of supply and demand Influenced prli es on the board, and pointed out that the function of the organisation Is merely to formulate and administer the laws of trading, and regulate commodity com-modity prices. PRICES QUOTED. In July the price of number two from $2.30 to $2.70 a bushel. This figure was reduced to $2.17, the gov- eminent guarantee price, un August l, 10 17, when the grain corporation took over the grain market operation In June. 1918. the guarantee was Increased Increas-ed to $2.23 which figure maintained until the resumption of open trading July 1. 1919. Between that date and until now prices ruled generally re-ni.rined re-ni.rined above the old guaranteed price. halng gone below $2.23 on only two trading days. Since October 1 tho same grade has sold aa low as $1.99. due. according to Mr. Gates, to the liberal shipments of Canadian " heal to American terminal markets George P. Watkins and Philipp Hawes. are conducting the hearings, which are not public. NEW YORK Oct 20. American export itlon of wheat will cease within ten years unless the farmer can Increase In-crease the productivity of the soil, Herbert Hoover declared here toda) at a hearing before the International Joint commission advocating the proposed pro-posed deep sea waterways from the Great Lakes through the St. Lawrence river Mr, Hoover said the proposed waterway wat-erway would mean a saving of at least ten cents per bushel on export wheat and that this saving would go into the pockets of the American farmer and result In greater production. The former for-mer food administrator likened opposition oppo-sition to the waterway as similar to opposition op-position to labor saving machinery. Arguments In favor of -the waterway water-way also were made by William C. Itedfield, former secretary of commerce, com-merce, and Julius H. Barnes. nn |