The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1930-09-22
HYDE Sells Himself Short

Whenever the Harding Coolidge admnlstra-
tions got themselves into jam they were apt 10
launch another red to distract public atten-
ton from their own failures. Is the Hoover admin
stration beginning to soop to such obvious rlckery?
Certainly the latest antics of Secretary of Agriculture
Hyde raise that question
Hyde charges that Russian government company
sold short on the Chicago market 100000 bushels OF
wheat that such Russian operations are responsible
for the fall in the price of wheat and that the Rus
slams purpose is to stir up discomfort among Amer
lean farmers.
The only truth in those charges, apparently, Is
that the russians over period of weeks have sold
short a relatively small amount. But under the
existing customs of grain trading short selling is not
exceptional but the rule among American and 1or-
eign traders.
As President Bunneu of the Chicago board re-
minded HYDE: 1T should be remembered that inc
chicago Board of Trade is a recognized world mar
ket and hedges protecting grain In all poSlVionS 'n
over the world customariy are placed here.
HYDE admits that this hedging is a common prac-
.,o - which he does not object as SUCH but he re-
peats that Russian government company 'No'"O '''
be allowed to 60 it.
t5e aro,,es that Russia has no wheat for export
,et his own department estimates that Russia has
100000 bushels for export.
AS to Hyde's charge that Russia is trying oelip-
eratelv to ruin American farmers is it not uolcrouS
to suppose that Russia wheat exporting country
is irving to force down permanently the world price
of its own commodity?
And has Hyde forgotten that this same RUSSIAN
,or,,r,ent company for several years has been the
largest BUYER on the American cotton marke', anu
as such has done more than any other single factor
= ,.oo,, American cotton farmers from starving?
r,t brushing aside all such facts and reason ana
.s,,ri,g with HYDE that Russia is trying 10 rum
The American wheat market, Hyde still Is insulting
,r intergence by giving Russia credit Tor the laA
in prices - -, 40
r;cseo hoard is from 100000 to SOOOOOOO oushelS
dav and that the Russian sale OF less than 7oOoOoo
bushels over period of days was only tiny gram
in very big bin So. -
According to the report OF the gram IuVuieS S0
,,ristration. the open short commitments In wheat
often range from 100000 to 100000 bushels.
HYDE knows very well that there were several coca
reasons for the fall of prices from Sept. to H.
The chief of which were the crop report OF his own
denartnnent. showing an Unexpectedly large produc-
ton and large market sales and hedging operations
from the American northwest.
HYDE knows very well that reports Of increased
acreage in Argentina and Australia further have de-
pressed prices.
We agree with the president of the Chicago Board
OF Trade that if the administration wants TO stop
Russia from transacting business in this country the
administration should go about it openly and not
try 70 hide behind the grain exchange with tales OF
red plots
AND Il the administration wants to stop the prac-
tice of dealing in fturesa practice which it hither-
to has supported-al it has to do is to pass instead
Of blocking the proposed legislation to make regu-
laton OF futures trading effective.
In any case the wicked BolshevikS are more re-
sponsble for the American system Of grain specula-