South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-11-14
SUIT TO HALT.
FUTURES BILL
TO OPEN TODAY
Chicago Board Of Trade Fight
ing Enforcement of Grain
Trading Law.
PROFESSORS CALLED on
Several Experts Testify Specu-
latiOn Does Not Cause
Fluctuations.

CHICAGO. Nov. 13-(By A. p
The Chicago board Of trades bill
20 restrain enforcement Of the
Carper-Tincher bin regulating trad
ing IN grain futures viii be heard
Fl the United States district court
and not in the supreme court it
was announced today by Dist Atty.
Charles T. Clyne after he held a
long distance telephone converse
ton with Sec'y Of Agriculture Wal
mlace
q The case. set for hearing today
before Federal Judge James RI. VIII
kerson. was continued until tomor-
row 20 give counsel for both sides
the opportunity TO select the trial
court.
In the bulk of evidence said TO
have been prepared by the Chicago
board OF trade on one side and the
government and the American
Farm Bureau federation on the
other Will be afidavits from profess
sors Of political economy and farm
ers. both attacking and defending
the act
II Anidavits Filed.
Fourteen ahidav.ts by college pro-
fessors were filed today by Henry
s Robbins. attorney for the board
Of trade, all of which upheld deal
ina in futures. declaring il tended
10 stabilize the market and seldom
resulted in hardships 20 the pro-
Queer.
The board OF trade seeks an in
junction on the ground that the
Capper-Tincher act gives unwar-
ranted power to SECRETARY of agri-
culture and it attempts 20 regulate
as interstate commerce a trade that
If exclusively conducted within a
state
Excerpts from the afiidavits filed
BY Irng Fisher. professor OF 7oliti-
cal economy at Yale; James NJ
Boyle. professor OF rural economy
at Cornell. and Thomas r. Carver,
professor OF political economy al
Harvard. representative OF the re
mainder. follow:
1T is my opinion" Prof. Fishers
n fidavit read. that sudden or un-
|easona bic fluctuations in prices OF
tra n do not frequently occur as the
result OF speculation. manipulation
or control OF prices in transactions
IN future trading upon such ex-
changes. and that such fluctuations
as do occur IN prices in such fu-
ture trading are not unusually det-
rimental TO producers or consumers.
Consequently future trading has had
a marked tendency TO stabilize the
market prices"
supply and Demand.
The AFFIDAVIT OF Prof Boyle, for
rnerlv with the United States de-
partment OF agriculture and a rar-
ticipant in the investigations into
grain futures conducted by the BE-
reau or markets and the fedora
trade commission ar the instigatio1
OF Pres't Wilson. stated IN part:
IT am OF the opinion that said
rrices. both cash and futures, are
and that the chart shows them TO be
the result OF the natural opera
ton or the law Of supply and de-
mand and are not 20 any materia
extent affected by the manipulation
or control OF those engaged in fu-
ture trading"
Prices are determined by oper
and competitive buying and selling
the affidavit Of Prof. Carver SCI
forth. and manipulation CT prices
OF grain. either in present or future
delivery. Is therefore impossible ex-
cept in rare cases known as corner
ing the market
Al OF the amdavits were unani-
nous in the declaration that trading
in futures tended TO eliminate VIC
lent price fluctuations.