The Marion daily mirror. (Marion, Ohio) 1892-1912, 1908-03-07


bodies here and elsewhere in th'
West have awakened to the seriou!
aspect of the bills pending In Con
gress designed to make 1t a crime fol
any man to sell or offer to sell grain
provisions or Gotten for future deliv
cry unless he has al the time the
grain, provisions or cotton in his
possession, or is growing 1t on his
farm or plantation. In a statement
issued by President Sager Of the
Chicago Board of Trade, he said;
"In the few months succeeding the
grain harvest the country sends to
market the requirements of consump-
ton for long period; an enormous
surplus Is stored in sight Somebody
must carry this Load. Two classes do
this: First, the farmers carry large
part of the crop for varying periods:
second, the skilled judges OF values
on the various exchanges and their
following carry that part which the
farmers do not choose to hold. If
such custom does not exist, we
should be comforted annually with
two hurtful extremes Of value. First,
Immediately succeeding the harvest,
prices would, in the face of a pres
ent oversupply, fall to values below
the cost of profitable production;
later on, however. just before the
following harvest. supplies would he
exhausted, an eager consumptive de-
mand would then find no. adequate
supply and as n result values would
leap upward to figGres distressing to
the poor and burdensome to the rich.
Consequently, speculation. merely an
other name for the act of adjusting
supplies to requirements. gradually
bringing prices, as 1t does, from one
condition to meet another, is of the
utmost Importance. Speculation then
Is natural and legitimate outgrowth
OF the great system that has been
perfected for the marketing of our
crops II Is moderator, checking
the greed OF holders and placing
firm hand OF restraint upon the exac-
tions of buyers. 1t broadens the mar
ket; 1t makes world conditions the
measure of values. 1t preserves an
equilibrium that could be maintained
through no other agency, and as car
ried on under the legal restrictions
and judicious regulations o. the
great exchange, 1t is factor conduc-
i've to the general welfare"
This Is not the first time that the
Chicago Board of Trade has had occa-
sion to define "a its functions, (2)
the business of its members, and CD
the difference between speculation
and mere gambling. The memorable
decision of May s, 1905, of the United
States Supreme Court upon the facts
submitted in the case of the Chicago
Board OF Trade VS.. Christie, Kinsey
ct al, covered the three points in
volved, thus: This chamber of COM
merce Is, IN the frs. place, a great
market where, through its eiehteen
hundred members, Is transacted a
large part of the grain ana provision
business OF the world. OF course.
In modern market, contracts are not
confined to sales for immediate deliy-
cry. People will endeavor to forecaet
the future and to make agreements
according to their prophecy. Specu-
lation of this kind by competent men
is the self-adjustment of society TO
the probable. Its value Is well known
ass a means of avoiding or mitigating
catastrophe, equallzing prices and
providing for periods of want. II is
true that the success of the strong
induces imitation by the weak, and
that incompetent persons bring them
selves to ruin by undertaking to spec-
ulate In their turn. But legislatures
and courts generally have recognized
that the natural evolutions of a COM
pick society are to be touched only
with a very cautious hand, and that
such coarse attempts at a remedy for
the waste incident to every social
function as a simple prohibition and
laws to stop its being are harmful and
vain"
The elimination of the beauty
contests" started in Chicago, which
finally threw the spotlight upon Miss
Marguerite Frey of Denver, as the
most beautiful woman in the United
States. has led to similar contest
In Sweden, with the result that Miss
Jane Lundsfrom of Stockholm has
been selected She is 20 years old and
a blond with blush gray eyes, rosy
complexion and "superb" figure, and,
of course. is a descendant OF the
ancient vikings. The contest aroused
the greatest interest through the
kingdom and pictures were forward
ed to the judges from all of the more
important cities, and from large
number OF the small towns and viii
lages of the country districts The
beauty contests, started in Chicago.
have snread to the nations Of tho
world and everywhere In the civilized
countries newspapers are endeavorlng