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Newspaper Page Text
New York banks today which be
longs to Europe. It is the price for
the stocks which 'were sold on the
New York exchange by foreigners in
the few days before the exchange
closed. The exports of wheat are bal
ancing that debt. And the debt MUST
be balanced, as the first step in the
great movement for increasing our
"And finally, remember that the
high price of wheat is beneficial to
the country in two ways:
First, it is the farmer who is go
ing to make big profits from it.
"Secondly, it is making people eco
nomical of wheat, and will prevent
the famine which would otherwise
result from the waste and destruc
tion in Europe."
A double row of loaves of bread,
placed "end to end, and reaching from
New York to Capt Town via London!
Such a belt could be made out of
less than one-half of the quantity of
wheat which is being exported week
ly from North American ports for
the warring nations of Europe.
According to recent reports, in
spite of the disturbance of interna
tional trade, 10,000,000 bushels of
wheat have been exported weekly!
J. Chester Bowen, writing in the
bulletin of the United States bureau
of labor statistics, estimates that one
bushel of wheat makes 34.84 pounds
of flour, and he found from investiga
tion in middle west cities that about
a pound of flour goes into the aver
age baker's loaf of bread.
The phrases "September wheat,"
or "May wheat" do not refer to the
time of harvesting or sowing. The
name of the month merely indicates
the time when the seller of a lot
of wheat must deliver to the buyer.
He has until market closing time of
the last day of the month in which
to deliver the warehouse receipt for
I This involves an explanation of
"futures" and "short selling."
To examine the way In which an
actual transaction is put through on
an exchange, suppose in' March A,
who is a speculator and expects a fall
in wheat, sells to B 100,000 bushels
of May wheat, which he does not
own, at 70 cents a bushel.
Prom this point on until the first
of May there will be a constantly
changing market price for May
wheat. Suppose that the price rises
to 72 cents and that B thinks that a
two-cent profit is better than the
chance of more. He sells to C 100,000
bushels of May wheat. Frightened by
,a slight reaction, C perhaps-fears a
fall. He sells the same amount at
71 y2 cents, losing half a cent per
Those who were trading for the
rise were the "bulls," those who were
trading for the fall were the "bears."
In the example taken the sales of the
bears were "short sales." The pur
chases of the bears are called "cover
ing contracts."- A bear "covers" a
short-sale by making a purchase of
the same amount deliverable at the
same time. If he sells at seventy-two
cents and covers at 70 cents, he
makes two cents a buhsel.
BLAME OPEN SHOP FOR LOW
WAGES AND LONG HOURS
Los Angeles, Cal., Sept. 10. Open
shop conditions are responsible for
low wages and long hours of labor
for employes and inefficient work and
increased financial profits for em
ployers, according to witnesses for
organized labor testifying before the
federal industrial commission.
Fred L. Baker, president and man
ager of the Baker Iron Works, which
employs both union and non-union
men, declared he hoped conditions
would change so that employers
might be able to deal wholly with
union labor, as he believed they had
many advantageous things to offer.
He suggested that unions should be
incorporated" and made responsible
and that the government should fix
a minimum wage which would make
it impossible for unscrupulous em
ployers to take advantage of labor.
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