Evening star., 1933-07-23
MINIMUM GRAIN
If n. PRICE IS FIXED.
y. S. Moves to Prevent Spec
, .uation and Peg CON-
m0ditieS.
(Continued From First Page.)

s9one" trader came to the attention Of
the Chicago Office Of the grain futures
administration, was Immediately trans
mitted here and reported to Secretary
Wallace. The latter then communicat-
ed with Peter B. Carey. president Of the
Chicago Board and advised him that
.strong action quickly" would be ex-
pected
=. Meanwhile. Wallace held long con-
ference with George N. Peek, chief ad-
ninistrator of the farm act; Charles j.
Brand, co-administrator; Or. r. @.
Tugwell, Assistant Secretary Of Agricul-
-ture, and others of his intimate advisors
to formulate plan for achieving
greater price stability.
They approved the plan for minimum
trading prices and maximum daily
fluctuations as a temporary expedient
but resolved to concentrate without
further delay on q broad program Of
reform for commodity markets which
may require some time to develop. Re-
duction of the volume Of speculation In
markets will be one aim Of the new
program.
Attitude Explained.
The attitude Of administrators was
described by-one Of them as:
"The exchanges, the brokers and
others will be given q full opportunity
! to put their own house in order to
. stop farm products from being the
, most serious victims of price insta-
bility.
! TT is reasonable to believe that it
Is possible to reduce the tremendous
variation in quotations and to reflect
back to the farmer more nearly ac-
cuyate and stable return for the prod
uctS of his efforts which will recognize
the elements Of supply and demand.
The facts Of supply and demand
do not vary as rapidly as the price
recently has. and there does not seem
70 be . valid reason in accounting for
the tremendous fiuctuation IN prices
{ evident in the last month.
! we want to establish II all ele-
ments in the marketing Of grain serve
, . useful social function-if there IS
any excuse for their activity and II
they assist in contributing to the Or
derly marketing Of the products Of the
farm
we are open minded. but We have
ideas. and we have authority under
the farm act through licensing powers
; to enforce regulations which might pe
set up and which could be employed
In event that the industry fails 70
8klOW d CoPoS2ts IVA ASAAe w.
Reports to Be Made.
The first reports Of individuals whose
.tradinps are more than 500, 900 bushels
of wheat futures in one day Will be
made available to representatives OF the
grain futures administration just before
the next opening Of the Chicago market.
{ The reporting requirement was re-
stored last week by Wallace. 1t had
been suspended last October. Wallace
has indicated that he desires to de-
'termine whether the recent shifts IN
wheat prices were accountable to
manipulating" by any individuals.
The reports must be made to the
grain futures administration by the
Chicago and other exchanges after each
not available IN fun until shortly before
the next opening of the market, now
aet for tomorrow.
. Representatives Of the grain industry
called by Peek will meet here tomorrow
to concentrate on wheat market
eabiIzation.
Invitstion Ascspts4
Invitations to attend the grain con-
ference have been accepted by: Peter
B. Carey, president Of the Chicago
0OerQ OF 1Tdoe. v. .. AS3t, PNeosAoAs
of the Kansas City Board: P. B. Nit
chell, president Of the Minneapolis
Chamber of Commerce, the exchange
organization there; Frederick B. Wells,
q member Of the Minneapolis Cham
Der; Thomas Y. Wickham. Chicago.
chairman of the Grain Committee on
National Affairs, an organization Of ex-
changes which maintains Washington
representative; George Z. Booth OF
Chicago, president Of the Grain and
Feed Dealers National Association.
c. E. Huff of Chicago. president OF
the Farmers National Grain Corpora
ton; T. R. Cain Of Jacksonville, Ill.
president Of the Farmers National
Grain Dealers Association; George H.
Davis of Kansas City, representing
terminal elevator operators; H. L. Rob-
.inson Of Salina, Kans., representing
Southwest country elevators; Ray Bow
den of Minneapolis, secretary Of the
Northwest Country Elevators Associa-
ton.
Fred J. Lingham of Lockport, N. Y,
president of the Millers' National Fed
Grafton; Robert M. Morgan Of New
York president Of the North American
Export Grain Association; Thad L.
HOFFMAN of Kansas City, president OF
the Southwest Millers' League; Frank
lyn M Crosby of Minneapolis, hour
mill executive: E. A. Boyd Of Spokane,
Wash, representing Pacific Northwest
grain interests.