Library of American History Volume 9; From the Discovery of America to the Present Time (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1919 Excerpt: ...every authority given under the bill, and the control of exports to effect the universality of this fair basis throughout the whole of the 1917 harvest year, without change or fluctuation. "It should thus be clear that it will not be to the advantage of any producer to hold back his grain in anticipation of further advance, for he will do so only at his own cost of storage and interest, and if it is necessary for the government to buy the entire wheat harvest in order to maintain this fair price in protection of the producer, we intend to do so. "Furthermore, the holding of wheat or flour contracts by persons not engaged in the trade, and even when in trade in larger quantities than is necessary for the ordinary course of their business, is unlawful under the Food Act, and such cases will be prosecuted with vigor. We would advise such holders to liquidate their contracts at once." The promulgation of Mr. Hoover's plans led to an immediate decline in the prices of grain, vegetables and poultry. The price-fixing commission fixed the price of the 1917 wheat crop at $2.20 a bushel, which was twenty cents higher than the price named in the Food Control Act for the 1918 crop. The government then under the newly organized United States Grain Corporation went into the market on September 5th and took possession of the wheat in elevators and terminals buying at the price fixed by the price-fixing commission. From that day on everv bushel of wheat in the countrv passed through the Grain Corporation from the elevators and terminals to the mills. It was sold at an advance of one per cent to cover the cost of handling, the government making no profit. To prevent hoarding the millers were allowed to keep at hand only a thirty-days' stock. Another provision...