Evening star., 1925-03-31
Secretary Jardine's Policy
Is Text for Press Comment

gram gambling law is made by the
Topeka Capital, which calls attention
TO tho fact that this law prohibits
the well known provincial sucker
from gambling on the Board or
Trade" 1t asserts, further, that 1T
is doubtful if as many suckers were
ever in the market before as were
gambling in this years grain futures
The market reports have described
the speculation as enormous. The sit
uation has been such as to justify
the decision of Secretary Jardine 10
inquire into the complete failure OF,
the grain marketing machinery to-
prevent gross fluctuations in the
prices of grain, notably of wheat, but
even more SO of rye" Some exeep-
tional artificial stimulus is held re-
sponsible for the conditions observed
by the Syracuse Herald. which states:
1T Is clear that the wheat boom of
January, with its two-dollar figure,
was due to such stimulus, and that
the recent violent reaction is trace
able to the general recognition OF
the real situation as it was affected
by actual supply and demand. At
any rate, Il good many heavy buyers
of wheat have been 'pinched' in the
last fortnight. Perhaps the inquiry
of the department Will shed some in
teresting light on the real causes OF
the exaggerated rise and the sudden
slump" 1t is not really civilized bust
ness, in the opinion of the Champaign
ews-Gazette, which also comments:
Some steps. at least on the informa-
tion side, ought to be possible TO
keep the fluctuations of wheat within
the facts. Now If the real conditions
justify a change of 90 per cent we
are likely to have changes Of 100 per
cent first one way and then tho
other" The News-GaZette finds q
parallel in the ups and downs" of
money before the esta blishment OF
the Federal reserve system. 1t be-
lieves a remedy ought to be found
in the case Of wheat also.
= = \ !:
A suggestion that the big specu-
lators have been unloading every
where is made by the Morgantown.
W. Va, New Dominion, which ex-
presses the opinion that cit doesn't
seem likely that official Investigators
Will discover anything not ALREADY
known. The slump in the price OF
wheat and to a less degree in other
grains, has been worldwide, as was
to have been expected in a commodity
whose price is dependent on the de
man6 of a world market" This same
factor is recognized by the Fort
w y
that what the Government doubtless
wants to find out-at least what IL
should desire to learn-is whether or
not eccentricities OF the worlds mar
kets for wheat or the manipulations
of gamblers have been the cause OF
these spectacular effects" The pos
sible method employed in the market
is suggested by the Portland Tele-
gram, which states: 1T has been a
T yTgn
than half true, that a powerful rinE
of operators forces down prices soon
after the harvest when most offhe
grain growers are obliged to Ssell.
Later the ring advances and holdE up
prices. This year the practice seems
to have been reversed. Sooner or
later a way must be found tosdo
something by which pure speculation
or gambling will not be able to af-
feet the price of the worlds indis-
pensable food" @
Comment on the present season's
crops indicates a greater degrees OF
uncertainty than on the other points
brought to public attention. Under
present conditions" says the SIoux
Falls Press, leach farmer will be In
clined to go ahead and produces as
much as possible of whichever crops
seem to him most likely to yield well
on his land. When the Government
estimators and fixers can guarantee
weather suitable for light to heavy
Yields, It will be time enough to give
advice on how much TO plant" A
similar view is taken by the Indian
apolis News, which argues: with
out passing final judgment concern
ing restricted production, which the
department plainly is urging, it may
be pointed out that, while acreage
may be controlled, many other facts
cannot such as climate"