Evening star., 1932-08-05

| to give it the privileges 1t claims under
/ the law the commission ordered the
Board Of Trade to rescind its order, on
pain of being closed up. Whether it dis
| charged its duty under the law is Q
| question to be determined by the courts,
IN the event that the grain exchange
stands by its order. That the members
| of the cabinet are the Presidents lob
narifr noidfrs ~ mas as nothing t. to do with the
VIII decide this question also are lob
holders In the same sense. The presi-
dent OF the Board of Trade Is a Job
holder OF that organization, who does
1t no credit by publicly expressing con-
tempt of the Government of the United
States"
x * y
The statement that "the co-opera-
tive did not meet the Board of Trade
rule that concerns, to be eligible. must
nave belonged to the clearing house
before April ?. 1929" is discussed By
the Indianapolis News with the COM
ment: THE cabinet members saw that
the rule was changed when the ma
tional agricultural marketing law. call
ing for the Farm Board, was pending;
and that the fact that the legislation
was before Congress may have had
some relation to the revision. The
application of the altered policy Is held
clearly to contravene the grain fu-
lures statute. Until recently the Farm
ers' National had trading privileges as
a consequence of acquiring an interest
in the Updike Co., a clearing house
member The Arrangement was made
impossible when the company lost its
membership, happening that brought
into the open the bitter struggle"
The blow at the grain trade" is de-
plored by the Dayton Daily News, and
that paper aSSails the Farm Board,
with its confusion of the grain mar
ket and with its ill-starred efforts to
oeIy the laws of economics" The Min
neapolis Journal believes that there
is right and justice on the side of the
Board Of Trade" and doubts that the
Farmers National If deprived of Fed
eral financing and of the privilege OF
passing its losses over to the Grain
Sterilization Corporation, could make
any convincing showing of solvency.'
AS to the proposed action, the Omaha
World Herald quotes grain men rs dc-
claring that 1t would completely de-
moraliZe the market at its most crit
1cal period-aS the new crcp is being
shipped"
THE cabinetaers will suspend the
practices unless the board extends its
facilities to the enemy to help him
carry on his work of destruction" pro-
tests the Yakima Daily Republic while
the Salt Lake DeSeret News holds trat
"co-operatives should be encouraged
because it is necessary, in our highly
organized industrial situation, that tts
producers of such things as wheat am
corn should be interested in the proa'
uct until it is purchased by the mill,
Had the Farmers National Grain
Corporation" according to the Chi
cago Journal Of Commerce, had a le-
gitimate claim to the status of a CO.
operative as defined in the grain fu-
lures act. it would have been permitted
all the rights inherent to that classi-
f1cation. Mr.. George s. Minor, one of
its mighty bureaucrats, himself ad-
mitted in effect that this classification
was not justified. To slide into a IA
Vorable place In spite of the Federal
law, Farmers National INDUCED in the
most obvious Of subterfuges by pur-
chasing the Updike Grain Co. and in
tsntionally withholding the informa-
ton of its ownership from the Dit
governors. For doing this and for al
legedly operating a corner on Nav
wheat, both Updike and Farmers Ma
tional received just what other firms
deserve for violating rules which are
allowed existence IN lava straight
punt over the goal post"
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