The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-10-09
THE GRAIN TRADE


holding sessions in New York for the |
purpose of investigating the specula
| tive markets and the so-called manipu- |
| lation of prices. This means they are
putting few big grain traders on the |
grill. One of these, Jesse H. Liver
more, a trader in both stock and grain,
and one of the heaviest operators at
Chicago, declared that he had never |
known of any manipulation in the |
commodity markets, and that he "did |
not think the operations of any indi- |
viduals influenced market prices OF |
| commodities on the board of trade
Mr.. Livermore insisted that the pub |
| lie grain market was an institution Of
! general benefit, both to farmers and |
consumers; also that a market for
| futures was necessary to allow farm |
ers facilities to dispose of their pro-
ducts whenever they were ready to do
so. But for the future market" he
declared, that a few large elevator
corporations would control grain
prices at will
Explaining his own operations in
grain, the witness said: "They are
just like those in any of the other
markets. l figure and guess at future
supply and demand by judging by
similar events in the past, and by
studying the present statistical po-
sitions. The only time a speculative
investor makes money is when he fore
casts the future correctly, when he
sees probable future conditions, and
judges future prices"
Mr.. Livermore defined a speculative
investor as a man who ''sizes up flu
ture sets of conditions and who trades
on the basis of his conclusions. He
declared both Spectator and gambler,
who took short flying chances. were
stabflizers of the market.
Denies Manipulation
Il don't know of any manipulation
in the commodity markets. said the
witness. Nor do I think there are
any attempts at manipulation. Man
ipulation is only a newspaper crea-
ton, because it is an easy explanation
and makes good copy. FIuctuation in
prices is caused purely by supply and
demand. There may be manipulation
in the stock market, but never in the
grain markets.
Admittedly there is manipulation of
the stock markets, not only now and
then, but frequently, by pools and in
! siders and principal holders of certain
!
tempt denial of this truth.
Somebody suggested that ga Judge
, Lands" ought to be appointed for the
grain trading markets to supervise or
control speculation. julius H. Barnes,
head of the U. S. Grain corporation
, in war days, endorsed that idea after
he had explained what had caused the
great price fluctuation in the Chicago
wheat market in Nav 1921
A shortage of wheat in the Chicago
4 market had been created, Mr.. Barnes
asserted, as the result of speculative
: trading. To overcome this shortage,
grain was accepted for delivery at diff
ferent points and even on the rail-
roads. AS a result of this change in
8 delivery requirements the shortage
t was overcome and the price collapsed.
Sad Death of Cow
IF the officers of the 500 Line have
any milk of human kindness in their
: souls" says a writer in the Chicago
Tribune, they will pay Anton Peter
son. of Hermansville, Mich, 500
which he asks for COW killed by a
train on that road recently. He
C wrote:
n 'Ay was setten on my fence watch
ing my blak kow eat the raleroad gras
y and your big engine come down and
U kill my kow and hit my kow between
n the crossing and the telephone post
: and he cut the too legs off by the tail
and his he'd he lay on the oddor side.
D l holler at the man what was maxim
s the cars run but he don't stop so I go
j. back to my kow and he yust say boo
u hoo and he die in my arms"
) Club Workers at Fair.
mr. OF ri n
c very active part in the state fair this
; year The club work and numerous
/ junior events are under the direction
I of the agricultural department at Pur-
due. and the showing by the young
folks was distinctly creditable to the
: college.
Thirty-six counties had teams of
L three entered in the livestock judging
: contest, which has come to be regard
9 ed as one of the, big events of fair
= week. This contest was won by the
x Madison county boys with score. OF
LII out of possible 1850. The
Blackford county team, which won
u two years ago, was the second high
C est and made the highest score on
L dairy cattle, thereby winning the RICH:
q to represent the state in the junior
y dairy Judging contest at the national
. dairy show at st. Paul, Mimi, in DC
D tober
4 The winning team in judging al
: classes of live stock from Madison
. county will represent the state in tbs
:, junior judging contest at the Inter
~ national Live Stock Exposition at Chi
- cage in December the state board OF
agriculture voting 500 toward ex
= penses of the trip. These boys also
won the $50 trophy offered by the
Kingan Packing company The Indi
ana State Dairy association will hell
pay the expenses of the Blackfort
y county boys to the national dairy
lie show
N Farmers Need More Credit.
lie Senator Capper, in recent speech
W made at a Grange fair at Berryton
,e Kas., emphasized the need of the farm
30 population for an extended line o
rs credit and financing. In the course o
r his remarks, he said:
~ 1--WE cannot have any different sye
r. tenn of orderly marketing until w
rt have different system of financing
We cannot build up a system of san