The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-09-23
THE NEW GRAM BILL


Secretary Wallace tells US that the |
new Capper-Tincher grain law is, in
substance, the same as the old. But
the new law is based on the power of
congress to regulate interstate COM
merce, while the former statue was
based on the taxing power of congress.
The new law becomes operative on
November /. But few large cities
are affected, and these are: Chicago,
Minneapolis. Duluth, Kansas City, ST.
Louis, Toledo, Milwaukee, San Fran
cisco, Los Angeles and Baltimore;
just ten cities in all.
The secretary assures US that: This
law does not interfere with hedging
transactions on the boards of trade.
Neither does it interfere with ordi-
nary speculation in the buying or
selling of contracts for future delivery.
If, however, there should be evidence
of undue manipulation, or attempts to
corner the market, or of the dissem-
| ination of false or misleading informa-
ton about crop or market conditions
/ by members of the exchanges, such
conduct would be inquired into and
promptly dealt with as required by
| the law.
In addition, it prohibits the ex-
changes from disseminating against
cooperative associations of grain pro
ducers who may desire membership in
order to obtain the use of the facili-
ties of the grain exchanges"
Local Wheat Prices
A farmer who is among the few
holders of wheat in this county phoned
to ask why our country elevators are
not bidding more for wheat, in view
of the advance at Chicago.
The answer is that the advance at
Chicago is mostly on options and not
on cash receipts. Then, our wheat
does not go to Chicago. 1t is milled
close to home or goes east, to Cincin-
natl for example, first of all, and if
for direct export, to Baltimore. Lo-
cal elevators receive more bids from
Cincinnati than any other point, from
which point a lot of our wheat goes
to the seaboard, for eastern milling or
export. The elevatorman who wishes
to work in the clear must do so on the
daily cash market, and not on an ad-
vance which may be scored and lost
a dozen times, before the option cash,
es in.
: In discussing this phase of the mat
: ter, a country elevator manager said
, Il would cheerfully pay two or three
, cents more per bushel to farmers who
, can bring in a car load at any given
: time, either to one farmer, or a group
of them. And for this reason. Know.
ing when l can ship a car, can ar
range accordingly. in the case of ]
, wagon load of grain which / may have
: to hold until prices go much lower
perhaps l can not pay up to the limit
: and protect myself against loss"
/ Wheat is moving so slowly just now
that there are country points where
it is taking the best part of a month
to get a carload, and what buyer car
say what that wheat will be worth
when ready to ship it. This explains
why wheat has been pegged around 81
cents at so many country stations
of late, despite the option whipsaw al
Chicago.
= Paying $1.o4 at Liberty.
The Liberty flour mill was taking
in wheat on the basis of S1.04 for No
! on Friday. The manager said the!
: had been receiving as high as 90
bushels a day, of late, and that an!
: figured above a dollar seemed to tai
the supply, which isn't heavy, at best
| He said the demand for flour wa.
fair and they were running II hou
shifts, but close down of nights. Whel
real busy the plant, as is the cas-
{ with flour mills generally, runs 2
: hours a day.
| Just now there is very little Goa
in town." he said; "at least l know
a lot of folks who can't buy any. Tha
condition should not last much longe
Z as all the miners are at work and on
. coal men have ordered quite a suI
y ply"
e The Demoret Grain company, loca
/ ed in Franklin county with elevator
{ and coal yards at Bath and Peori;
:, Ind, on the c. and o. road, took
/ wheat at $1.05 on Friday, this bein
5, the high spot on the local map, so ia
q as reported. Mr.. Demoret said the
q had sold their last car of coal at 81
and were entirely out. His trade, h
said, liked West Virginia coal and tn;
a. is what they usually handle. "FarI
p ers are not anxious to put in a wint'
d supply of coal at So" said he, "bl
0. are expecting to get coal for less mo
te ey, in a little while, and l think the