Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-23

AS a part Of the continuous debate
throughout the Nation on the price OF
wheat and the operations Of the Gov
eminent in the market, the denuncla-
ton of short-selling in a presidential
statement receives much attention from
the public, although there are differ
ences of opinion as to the fault charged.
Some take the same position as Presi-
dent Hoover, while others would uphold
the necessity of free action in the grain
and securities markets.
perhaps it would be to the point II
we designated these gentlemen Mr.
Hoover speaks of as singing scorpions.
declares the Rochester Times-Union,
holding that "in the last year short
sellers in the grain market have made
themselves particularly Objectionable"
and that "they are not within the spirit
of the law" The Omaha World-Herald
comments: 1.-The Presidents charge
keep present prices down. Only the
confidence imposed on him by law, ne
SAYS, prevents him from naming GER
tain persons who are doing the dirty
work.
rigid investigation, with view to
finding ways and means to check short
selling for speculative purposes and TO
the detriment of the farmer, de-
manded by the Pasadena Star-NeWs,
with the contention that "the American
wheat farmer has enough trouble with
his market at best, without having TINS
handicap put upon him by greedy spec
uIators who are willing to thrive on the
misfortunes of the farmer" The Har-
risburg Telegraph believes that the
short-seller is interested in nothing but
profit for himself" and that "he makes
his victim stand and deliver as truly
as though he were a modern Dick Tur-
pin with a pistol in his hand" The
Telegraph concludes that the Presi-
dent has made good start, but IT is
only a start"
1.-THE Presidents caustic words are
timely admonition to those VINO may
be tempted to try to profit by depress-
ing grain prices" advises the Chicago
Daily News, and that paper further
maintains that greed is hateful at all
times, but it is particularly obnoxious
| in a crisis when every responsible per-
son is morally. bound to contribute as
best he can to the restoration OF pros
perity." The Des Moines Tribune-Cap-
ital suggests the extension of the idea
by asking whether those bull Market
gentlemen who in times Of boom and
imitation keep forcing prices up until
finally a collapse comes-whether they
are not fully as anti-social and unpa-
triotic as Gle despicable bears OF tine
present" AS for the G ain gamblers OF
the present, that par-r IS convinced
that "they deserve the harsh names
but they won't mind them much"
| Taking note of denial from chi
cago, and the explanation that there
| is actually less than the normal amount
of short selling at this time OF the
year." the Lincoln State Journal says
that "the denial and explanation seem
to make 1t apparent that this has beer
regular market feature of other years
and that its having been done in the
past makes it permissible now" The
Rutland Herald AYERS that sit has beer
within the power of the exchanges Il
impose reasonable restrictions, and they
have failed to do So"
"The President produces the theory,
according to the st. Paul Pioneer Press
"that at times like the present the pa
triotic duty of all citizens obliges grair
| traders to do nothing that may accentu-
ate economic tendencies which art
| harmful to the rank and file of pro.
ducers. This principle is one to which
| no exception will be taken, but 1t Is {
counsel of perfection, an appeal to thu
better nature of men whom his purpose
seems to be to hold up as selfish. grasp
| ing and greedy in their disregard Of thu
effects Of their business operations
This may or may not be intended as 8
defense of the Farm Board. Others