Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1921-06-23
SAYS EXCHANGES ARE NEEDED
A. d. Steele Thinks Grain Market 10
Best Now Managed

propaganda, the most ridiculous con
coction that has ever been suggeste,
to the American people. / hav
noted with amazement the almos
countless pages Of nonsense writer
by pigmy minds upon the subject
not one Of whom could define mar
kets properly IL they were offered {
cool million in gold. Markets are thu
result Of the effort Of the best com
mercial brains of the world for gen.
erations. The futures are the judg'
ment Of those who are willing to take
the chance. But for the men who
are willing to take chance there
never would have been a railroad, ar
ocean steamer, factory, wholesale
house or anything worthy the name
Of economic progress.
Boards Of trade never buy, neither
do they sell grain. They have moth
ing to do with making the price. De.
mand and nothing else makes prices
Boards Of trade are the evolutions
that dominate all intelligent minds
The man with 1000 bushels Of grain
has the same protection, the same
rights, can sell at the same price as
the man who owns 100, 900 bushels
Is this not the equality Of man? Is
this not the one place where the poor
are on an equal footing with the
rich? The continuous quotations on
the blackboard, which are Of invalua-
BILE service to society, provide an in
slant an dready market for all grain
offered at the worlds price. These
continuous quotations reflect crop
conditions throughout the entire
world. They record the price the
world is willing to pay, which is al
ways in accord with demand. No
matter from what source, at home or
abroad, the grain market is the most
highly organized institution from a
market standpoint in the entire world.
Grain is handled on the smallest mar
gin, per dollar, Of any commodity
produced simply because we have
the futures in which to hedge the
cash grain, which is absolute insur-
ance against loss. Were the artist
capable Of painting picture descrp-
tive Of the science Of he grain mar
kets, it would be among the finest
that ever decorated a wall.
At the close Of each days market
we know precisely what grain is
worth; not few of us, but all Of us.
What about thousands of other pro-
ducts? What are they worth? What
ever the peddler asks or can get we
know nothing Of their true value.
Why do we know the exact value of
grain? We have future market
whose records are open to the world,
all men having grain to sell receiv-
ing the same price, paying the same
price; no secrets in this open market.
it Is everybody's market, free to all,
fair to all and be it understood that
absolute honesty is enforced, not by
law-which is not possible-but by
rules which are ironclad in all that
the term implies. I defy the world
to produce class of men who pos
sess higher sense of honor and in
tegrity than do the members of all
legitimate grain exchanges.
Who proposes to destroy this, the
finest market system the world has
ever known? Is it the demagogue?
When elected to office by an innocent
people he becomes parasite, rx-
from the public treasury
fat salary. What is his mission? He
Is destructive of progress, a menace
to civilization. He endeavors to de-
stroy that which it has taken genera
lions to build up.
The Supreme court has decided
hat contracts in grain for future de-
livery are both legitimate and valid.
The Supreme court is composed Of the
inest quality Of judicial brains that
we're ever assembled in q forum.
Their decisions are the crown Jewels |
# justice in its most lofty form. Let
Is not forget that we depend largely
lpon them for stability and poise.
Napoleon at one time stopped fu-
ure trading in France, the result be-
ng chaos and panic. Several prom
nent financial men of the nation
we're in his apartments pleading for
estoration of future trading that
BUSINESS might be restored when a
little boy came in with q canteen of
water from certain spring for
which Napoleon paid a certain price.
Is this little boy was leaving Ma
oleon said to him. Bring me two
anteens tomorrow at the same
rice" That, said the men who were
leading for the restoration Of fu-
ure trading, is precisely what we
re asking for and no more. You
ought two canteens Of water for fu-
ure delivery at stated price. Ma
oleon saw the point and promptly
estored the right of future contract.
The kaiser stopped future trading
Germany In 1896. The result is
yell known. Producers and consum-
rs both arose and demanded its re-
Before boards Of trade were estab-
shed In Argentine wheat was bought
/ the interior on a margin Of %
ents per bushel, necessary because
lere was no future market in which
hedge their grain to insure them
yainst loss. American farmers take )
arning! Abolish future trading and .
le foreign buyers will make the !.
ice for your grain-and they are
le best walters and lowest bidders
&6N &am 10 /