Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-12
CONGRESS MAY ACT
TO EXPOSE OR CURB
SHORT GRAIN SALE
Continued From First Page.)

Continued From First Page,)
provision against publishing the names
of the concerns or individuals making
the sales. In other words, the infor-
nation relating to the spectators
selling the market short is already in
the hands of the Government, but it
cannot be used to show them up.
Only where a speculator fails to make
report of his sales under this act can
he be prosecuted and his name made
public. DIR. j. T. w. Duvel, head of
the grain futures administration in
the Department of Agriculture, admit
ted the knowledge of short selling and
approved the Presidents statement,
and so did Assistant Secretary Dunlap
of the Department of Agriculture.
Grain Exchange officials in Mime
apolis, Chicago and elsewhere are de-
nying knowledge of excessive short
selling, and an Associated Press dis
patch reports Charles T. Stevenson,
president of the Minneapolis Chamber
of Commerce, as saying that the Diff
Guilty today lies in the fact that there
is not too much speculation in grain
today but too little. ,-~ 81, rT4
That is the same kind of argument
as has been advanced by some of the
members Of Congress who have urged
announced policy and to declare that It
will sell no wheat until the price goes
to IS cents busheI or not to sell any
of its wheat holdings until four months
or more have elapsed
Speculation, however, the farmers
have found works both ways on the
grain markets. In the time of harvest,
when the farmer is dispoSing of his
wheat, the speculative market has year
after year been depressed. But when
the wheat is out of the farmers hands,
in the hands Of the dealers, then the
speculation seems 10 work the uther
way. and prices go up. This Is the
kind Of thing that has brought the de-
mand for strong farm co-operatives
able to handle the farmers wheat on
the markets themselves.
Before Alexander Legge left the Fed
eral Farm Board, of which he was the
first chairman, he was convinced that
the law should be amended so that
rules and regulations Of the grain and
cotton exchanges should be subject to
the approval Of the Department Of
Agriculture. This, in effecr, would give
the department veto power over regu-
lations which 1t deemed against the
interest of the producer or Of the con-
sumner.
Nothing was done about 1t, however.
May Reintroduce Bill.
Senator Caraway of Arkansas had q
bill pending in the last Congress dealing
drastically with the grain and cotton
exchanges and with short selling. He
probably will reintroduce 1t in the new
Congress when that body convenes.
There are Federal laws dealing with
warehousing, inspection and future sales
Nf in fnP
separate divisions to handle these mat
tiers. 1t has been suggested that an
Improvement In administration could be
made if these activities relating to the
same commodities were all brought
under one supervision.
The Federal Farm Board, which has
been under attack because 1t would not
relinquiSh its announced policy not to
sell wheat at present market prices but
reserving the right to sell not in excess
of 5000 900 bushels Of wheat in a single
month, is receiving messages, 1t Is I'M
Gerstood, from the Northwest declaring
that its policy is approved by many Of
the farmers and their organizations.
This, notwithstanding the efforts made
recently by Vice President Curtis, Sen
ator Capper of Kansas and Senator
Watson of Indiana, the Republican
leader of the Senate, to have the board
declare it would sell no wheat for a
long period.
The Farm Board, it is explained, does
not wish to have It's hands tied by q
declaration that no wheat whatever
would be sold from its holdings, no mat
ter what conditions might arise.
Furthermore, the Farm Board doubts
that such a declaration by 1t would
have the effect on wheat prices which
proponents of the policy hope it would
have. It is pointed out that although
the board announced last year It would
sell none of its holding of wheat or cot
dropped.
ASKS NAMES Re PUBLISHED.