South Bend news-times. (South Bend, Ind.) 1913-1938, 1917-05-27

win the pro-German pacifst
SELF stepped in and Communicated
[ the product withheld from market
/ Such an act appears unwise except
as "a very last resort. An increased
accurate knowledge of actual stocks.
I however. would greatly help toward
/ preparedness for any eventuality.
/ If. then. il is unwise and imprac-
Y ticable TO try 20 push. by legal en-
actment. the goods on 20 the mar
I Fet. would IL not be the better part
/ of discretion to attempt 10 pull them
1 by price fixing? This means the
! setting of a minimum price by the
+ federal government A minimum
price can be fixed only when the
government maintains an open mar
/ ket at that price. viz. agrees TO take
an goods offered at the specified
D rate This is no doubt possible, but
/ il certainly would be a disturbing
/ element i'm business for the govern
merit 10 enter as "A competitor 20 in
dividuals in buying and selling
staples
With the organized. professional
/ spectators the case is again differ
ert These spectators deal through
! the mechanism of well-defned in
! stitutions. easily identified and iso-
lated a law can be made TO apply
/ 70 these institutions and the opera
\ tions for which they provide. Hence
| il is that there are some advocates
I of a law to close all exchanges
where speculation is done" The
doors of the institutions can be
/ closed readily enough. but the opera
tions are more evasive. And yet they
are the essential things to be con-
trolled.
What are these operations that
are aimed at 10y such a law? They
are spot" or cash transactions and
. the dealings in futures. OF these
. two the latter is popularity consider
I ed much more reprehensible in
/ character. and is supposed 10 be
great burden of expense on pro-
ducer and consumer. The spot" or
cash transactions. as is well known,
are the sales of staples that are act
ually on their way 10 market or that
have already arrived and are "on
track" These staples are either for
,varded by rail or boat TO another
1 market or are "hoagded' in some
elevator or warehouse.
Suppose that law were passed to
elimiu-'e these Institutions what
would result? In the first place. the
foodstuns would still keep coming
L
have TO be taken care OF as before
or else more waste and more eX-
pense would be entailed. And again.
the law would not destroy the desire
on the part of professional and
highly trained experts to apply their
knowledge and training To market
iug problems. The board OF trade
affords service and convenience for
these men. but they could meet for
business on ;he street corner or at
the club i'm case of need Nor will
the law destroy the far extended.
ramifying organizations that these
professionals have developed.
Through which they secure the up
to-the-minute market news that is
their stock trade. nor will the law
dissipate the capital which has been
assembled TO finance the marketing
.merce cannot be reversed a hundred
years by mere law.
But. assume that law could
wipe out not only the speculative i'm
stitutions but also the whole me
chanism for securing market news.
what would be the situation IL
would mean the obstruction OF all
those avenues of knowledge that to-
dav are open 10 all intelligent trad
ers. such as Geographic reports
/. newspaper reports. government re-
PORTS. and the special agents reports
from all corners OF the productive
; regions Now. every farmer, even
. i'm out-of-the- places can KEEP
/ in touch with the movement OF world
markets Then. no one could know
the condition OF growing crops. the
/ acreage sown. stocks on hand stocks
on the way. stocks in storage. either
i'm this county or abroad. Ever
: though such facts came 20 the gov
- eminent officials through channels
b untouched by federal law. they
I | would have 90 be guarded most care
d fully or they would be speculateC
j upon
Confusion i'm Ccntcrs.
I There would certainly result
y either confusion worse confoundet
, IN produce centerS OF trade viii
d erratic prices. alternately glutteC
q and starving markets. and made
. / quate. inefficient facilities. or Their,
. / would be speculation in despite o
. the law The plain fact appears q
I be shat men in business will us'
e. their best possible judgment which
g means an Interpretation Of the mos
y reliable data that they can find. The,
| will buy and sell upon this basis