Evening star., 1937-08-29
Wallace

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Continued From First PaRe)
rented to the Secretary Of Agriculture
or about one.tenth of the Nation,
total cultivated area-was shifted Out
OF the production of corn. wheat, cot.
ton and tobacco. In 1885. production
on approximately 81 100000 acres VA,
thus shifted. Most OF this acreage wa.
put to uses that tended to conserve anc
maintain its productivity and only
an insignificant percentage was allowed
to lie idle.
WALLACE Is particularly interested
In the program for conservation
OF the soil and animal and plant
genetics which have become major OBJ
Jectlves OF the present administra-
ton. For the first time, he states
farmers have had the economic sup
port and protection Of the Federal Gov
ernment in cooperative attack upon
the problem OF soil erosion and soil
depletion.
More than 283 900 900 acres. or 81
per cent OF the total crop land in the
United States, was covered by applica-
tlons for grants under the 1895 pro-
gram. while the total acreage di-
Verted from soil-depleting crops
amounted to nearly 3l,Oo0,O0O acres.
OF the acreage diverted from SOIL
depicting crops in the United States,
10 per cent was diverted from the
general soil-depleting base, 20 per
cent from the cotton base, and l per
cent from the tobacco base. Soil
building practices were carried on IN
more than $1,000 900 acres Of land, in.
GLIDING new seedlings Of legume crops.
green manure crops and pastures.
More than 5000 900 acres Of land re-
ceived chemical fertilizers. terracins.
contour furrow1ng, protected Summer
1allow, and other mechanical erosion
controls and miscellaneous soil build :
ing practices.
This attempt to restore farm in
come served also to stimulate nationa,
industrial recovery. Mail order houses.
serving farmers to large extent; rural
retail sales. fertilizer tax tag sales. in
creased automobile sales and petro-
leum sales, mounting insurance figures.
improved banking conditions. are all
lndices of the benefits derived indi-
rectly. at least, from the agricultural
adjustment program.
Prior to the enactment of the COM
modify exchange act on June Is, 1896.
the Federal Government under the
provisions Of the grain futures act, had
supervised trading in grain futures,
but because Of limitations Of the law
had not been able to take essential
remedial measures to correct abuses.
The commodity exchange act placed
under the jurisdiction of the Depart
ment OF Agriculture all trading in fu-
lures of the 13 principal agricultural
commodities of the United States
Wheat, corn, cotton, oats, barley, rye,
naxseed, grain sorghums, rice, butter,
eggs, Irish potatoes and mill feeds
The estimated value Of this trading
exceeds $4,000 900, 900 a year and
Approximates the value OF transactions
on all registered stock and bond ex-
changes in the United States.
The Commodity Exchange Admin
istration now has ample legal au-
thority to correct any abuses which
may occure on the commodity ex-
changes and assure honest dealing and
fair play In these important markets
This agency supervises all future trad
ing In the specified commodities, de-
signates as contract markets COM
modify exchanges which have met
the requirements prescribed by law,
registers futures commission mer-
chants and floor brokers, limits the
size Of speculative trades and open
commitments, eliminates fictitious
transactions. prevents manipulations
and corners, prevents misuse OF Gus
toners funds, regulates delivery prac-
tices and procedures. and secures and
publishes information concerning
trading In commodity futures.
This Exchange Administration had
expanded its organization substantial
ly both in Warrington and in its
branch of1ices. Sixteen commodity
exchanges in the United States have
been ofncially designated contract
markets authorized to trade in COM
modify futures, and representatives Of
the department sit With the business
conduct committees Of the exchanges
to insure proper supervision of all
transactions. Over 1000 registration
certificates have been issued and nu-
merous complaints concerning i'm
proper transactions have been investi-
gated, while comprehensive regula-
tions have been issued governing all
future transactions.
The rapid improvement In eco
nomic conditions during the last few
years has resulted in . marked increase
in the volume Of trading in commodity
futures. Reports Of the volume Of
trading on these 16 contract markets
covering the first half Of 1887 indi-
cate that these transactions for this
calendar year may surpass trading
in 1896 by as much rs IS per cent. At
the higher price levels this would
place the business on . par with the
heights volume in history.
The closing comment Of the secre-
tary. made with smile, was that
while he did not know" II there would
b . special session Of Congress to
take care Of crop legislation. he "cer-
taiuly hoped so."