Evening star., 1932-08-05
Chicago Grain Market Fight
Is Linked With Farm Policies

The long and bitter controversy be-
tween the grain exchanges ana the
! Federal Farm Board over the activities
of the latter organization is held chiefly
! responsible for the action Of a special
commission, composed of three mem
berS Of the Presidents cabinet, in Or
dering bars against grain-future trans
actions for a limited period unless de-
sired permission for marketing activi-
ties is given to the Farmers National
Grain Corporation. This cooperative
organization was created under plans
| made by the Farm Board.
The grain futures act" in the
opinion OF the Fort Worth Star-Te;e-
gram, "is a congressional attempt to aid
producers into channels of cooperative
futures protection" The Star-Tele-
gram adds that Just how much OF
that is sheer idealiSm or how much 1t
may or can inaugurate reform in stock
and grain market transactions is one
Of the keenest of our considerable num-
Der OF acute controversies" Recalling
that there has been war over this mat
ter for the greater part of century,"
that paper adds; THE conflict is the
immediate concern of the industrial
and political forces of the Nation. 1t
swings as a pendulum between the
theorists. who charge the late bull mar
ket' with the entire list of present
economic ills, ard the opposite group,
which asserts that defensive weapons
are forever dangerous in the hands of
reckless and ignorant persons"
< y 4
"The Farm Board and its co-opera-
tive system have been, from the be-
ginning, the subject of bitter attack by
the grain exchanges in most of the
cities where such bodies exist" says the
Buffalo Evening News, which adds:
These have undertaken to represent
the Observation-Disclosures feeling of those
farmers who are disappointed at the
Farm Boards failure to produce higher
prices The pending case is likely to
figure conspicuouSly both as legal and
political issue"
"The Government agency" advises
the Charleston Is. c. Evening Post,
"oWes it to the agricultural interests OF
the country to proceed cautiously. re-
gardleSs of the attitude OF the board,
since it would be an extremely serious
matter for the grain farmers to put an
end to trading in Chicago However,
much the farmers may cry out against
the exchanges, they know that they
cannot depend upon ready market for
their product without them. Wheat has
recently reached the lowest prices for
all time since statistics were kept of
such things, and the closing of the Chi
cago Boaro of Trade for two months
would be calculated to send 1t further
into the doldrumS."
**
Pointing out that the private grain
trade has resisted the invasion OF its
realm by the farmer groups, combined
into one large selling organization by
means of credit furnished by the Fed
eral Government, the Walla Walla
Daily Bulletin remarks that "a means
may now be provided, out Of the battle
now brewing, to determine whether one
system shall prevail and the other pass
from the picture, or whether there is
room in our economic system for both
the private and Government-aidedm mar
keting systems" The Bulletin predicts
that 'the decision is going to be pre-
ceded by bitter contests and plenty of
heat"
Replying to charges that the action
against the Chicago Board of Trade
was taken, in the words of President
Carey Of that agency, by the Presi-
dents jobholders," the Topeka Daily
Capital argues: "The cabinet commits
sion in charge of regulation of grain
markets has before it the law. which
gives the farm cooperation access to
grain markets and marketing, When
Mr.. Carey's private organization of
grain brokers ousted the Farmers Ma
tional Grain Corporation and refused