davidaulloa/AmericanStories huggingface dataset:
Browning chief., 1948-05-28
Soldier Dead
To Be Given
Fitting Tribute

In sacred tribute to America S
departed soldiers, the American
Legion, in conjunction with the
Veterans of Foreign Wars, will
present their annual Memorial
Day services this Sunday at the
City Park at p. m.
If weather conditions do not
permit, the program will be held
in the high school auditorium.
Following is the program:
Prelude, Selection by hi G h
school band.
To the Colors, raising and half
masting of the Flag.
Presentation of Colors, Ameri-
can Legion and Veterans of
foreign Wars Colors.
Prayer for departed comrades.
Address, Memorial Day theme
by speaker.
Hymn. The Lords Prayer, :"
vocal solo with band accompani-
ment.
National Anthem by the band.
Parade to the cemetery.
Graveside services at the Un-
known Soldiers Monument.
Decoration of graves.
Browning chief., 1948-05-28
Browning Home Laundry
Gives Three Days Service

A new institution. the Brown
ing Home Laundry, h a begun
operations and is in charge of
Mrs. Mary Peterson. 1t is located
at her home, east of Hamby's S
Service Station. She offers three
days service, doing all classes of
laundering. Parcels may be left
at Margaret Cleaners.
Browning chief., 1948-05-28
Stores Closed Monday

Browning stores will be closed
Monday, since Memorial Day falls
on Sunday, the practice of closing
the following day W h en- the
holiday f al | S on Sunday to be
followed.
The Valley settler., 1948-10-29
HOMEMAKeRs INSTALL OFFICERS

About 90 Homcmakers were esont on Wodnos- day of t his VIC ok to in stall the off ic CTS for the coming year. Installed for the coming ye ar were: Mrs. Mary King os Frost dent, Mrs. Vernon Hike as Vice Pro id at; Mrs. Vivian Goodrich as Treasurer; and Mrs. James Hurley as Secret ary. short sktt vas given by each club .Rooorts of the progress and achievere nt of the clubs in the Valley showed that six new clubs had been organ ized during the past year.
 Miss Mari1yn Johnson, District Hore Dcmon- stration Agent vas pro sent at the program. An excelle ent Pot Luck lunch vas served at noon.
 "Tcl1, al right, if you insist," the young man agreed somewhat reluctantly whom his girls mother suggested fl rnly that he re- ma in overn fight because it vas storming so hard,
 "I'll just run up and make sure the bed i'm the guest room is made," she said. Whom sho returned to the living room the he poured himself through the front doTr, looking ike tho proverbial drowned rats "GooGno ss,u she cried, ",hcre have you beon?W
 "fIadda go home and got my ajanas, ho Surg1ed.
The Valley settler., 1948-10-29

The Alaska Rural Rehab il itation Corporati all bids.
The Valley settler., 1948-10-29
.|1V| I A I lon

The Alaska Rural Rehabil itation corpor ed bids up to and including November l quipment. Ten percent (1o%) of the bi balance paid in cash upon ac ceptance o off ice in Palmer at l:3o P.N., Monday.
 Off ice for directions to location of t
Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-23

Spectators Do Not Boost Prices
No less an authority than Mr.. J. M.
Mehl, Administrator Of the Commodity
Exchange Authority, can be cited on that
point.
On November "a, 1e47, Mr.. Mehl said,
1T is not believed that speculation is 4
basic factor in determining the general
level Of prices in the long nun And
MI. Mehl told that to the senator's and
representatives who are members Of the
Joint Committee on the Economic Report
Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-23
Futures Are Used to Cut
Business Risks

Here's how that works.
Suppose you are -four miller and you
accept an order from bakery for a lot
Of Aour to be delivered three months
from now. The baker naturally wants to
know what that -four is going to cost him.
are going to need 100000 bushels Of
wheat to make that -four. And there's the
big stumbling block. You can't buy all
that wheat now, for you simply don't
have room to store more than $4,000
bushels at time. Furthermore, you
haven't got the cash to put up, and you
don't want to borrow that much. o.
viously, you are going to have to buy the II:
wheat from time to time as you need it
and as you can handle it. Maybe you are
going to have to go into the cash market
four times in the next three months to
buy wheat.
But suppose the price rises in the \:
meantime. That's going to be tough isn't
it? Here you've agreed on set price for
Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-23

The professional Spectator may
diminish the hazards of speculative
production by reducing the fuctua-
tons in price"
SUMNER H. SLIcHTsR,
Harvard University in ''Mo@ers
Economic Society"
Gambling represents the creation
of risks not previously existing
e.g., race-track betting - whereas
speculation applies to the taking Of
risks that are implicit in situation
and so must be taken by someone"
BENJAMIN GRAHAM and d. l.
DoDD, Columbia Unipersity il
"Seearhy analysis"
'There is always much talk about
the evils of speculation, for the rea-
son that the important economic
functions filled by spectators are
not understood j. During the
course of its 60 years of activity, no
less than eighteen Royal Commits
sions have thoroughly investigated
the Winnipeg futures market. Not
one of them ever recommended that
the market should be closed; not
one ever recommended any curtail-
ment OF hampering of its operations.
These commissions decided the fu-
lures market performed inn
portant services to both producers
and consumers"
H. 6. L. STRANGE, Director
Research Department. Searle Grain
Co., Ltd, Winnipeg, Canals,
December 8, 1o47.
'There is no evidence that suggests
to me as an economist that the oper-
atoms on the grain exchanges them
selves have in any sense caused the
price rise on grains to be greater
than it would have been with a
closer or different regulation of
those exchanges"
ROLAND S. VALE, University Of
Minnesota, December z, 1917
Forming judgment upon world
wide conditions and forming it ac-
curately enough to stake millions of
capital upon it is perhaps the heav-
lest hazard in our whole modern
economic organization of society.
p,,< eo~,. -I.e. ~ ;.,,.s&o.. s..,,.< IL
it, or the customers must pay 4
higher price for their produce, and
producers must be content to enter
the market with fewer competitors
ready to buy and carry their own
surplus"
Report on Speculation BY Industrial
Commission, appointed by
Congress, 1898
Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-23

If it is true that administration
insiders" prohted from their knowl.
edge of the governments buying
program by specializing in the
wheat market, they have violated
public trust and shown themselves
unworthy of Office.
That much is clear. But it is also
clear that in the investigation of
this alleged scandal, thousands of
honest American citizens have been
unfairly subjected to unwarranted
public abuse. Publication of their
names would seem to infringe rights
guaranteed them as free American
citizens.
1t is true that such publication by
Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-23
A Question of Right-Public and Private

the Department of Agriculture was
authorized by a special Act of Con.
sress on December 10 which re.
voked provision of the Commod-
ity Exchange Act, specifically as
suring them of anonymity. Hence,
the action may have been technically
legal. 1t was nonetheless morally
wrong. ss
As risk-takers or spectators,
these individuals were performing
4 valuable function in our economy.
Their transactions were wholly
legitimate, specifically sanctioned
by law. They are deserving of our
commentator, not criticism or con-
demnation.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-23
What They Say about Exchanges
...~ And Speculation

Speculation is the self-adjust-
ment of society to the probable. Its
value is we'll known as a means of
avoiding or mitigating catastrophes,
equalizing prices, and providing for
periods Of want. 1t is true that the
success of the strong induces imita-
ton by the weak, and that incom-
petent persons bring themselves to
ruin by undertaking to speculate in
their turn. But Legislatures and
courts generally have recognized
that the natural evolutions of a COM
pick society are to be touched only
with very cautious hand $50"
Nh. JUSTICE HOLMES,
U. S. Supreme Cont, May 8, 1905
1.-THE sole and vital use which my
company makes of the grain futures
market is for this purpose of hedg-
ing to minimize the price risk. This
is of real value, not only in con-
tributing to the stability of our COM
pany's operations, but in making it
possible to Sell our products at a
lower cost to the consumer than we
could if we had to make provision
for potential losses due to price
fluctuations"
HARRY BULLS, Chairman of Board,
General Mills. Inc, Minneapolis
Morning Tribune, January IL, 194s
"A hedger is not Spectator he
is using the futures market in a
sense to avoid speculation and to
get the equivalent of price insur-
ance. We recognize that in order
to facilitate hedging you must have
some speculation"
I'm. NEIL, Aaministrator Of Comz
modify Exchange authority, U. S.
DEPARTMENT Of Agriesltars,
November "A, 1o47
Government purchase of grains is
the dominating factor establishing
cash and future prices in the grain
markets of the United States"
REP.AUGusr H. ANDERSEN, Chair
- man, Seieef COMMITTEE to Inpesti-,
g. gate Commodity Transaetions,
July Is, ie47 5'-.@ n
Because professional spectators
do nothing but buy and sell the
belief has gained currency that spec
ulators are parasites. Especially does
the man in the street find his sense
Of propriety shocked by short SELL
ing-that is, the selling of some
thing, say wheat, which one does
not possess. Nevertheless, the pro-
fessional Spectator in grain, coffee,
cotton, sugar, provisions, and many
other articles is extremely useful -.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-23

the -four, but you don't know what you
are going to have to pay for wheat. If
it goes up ST bushel on the average over
the next three months, you stand to lose
5000 100000 bushels x 5t). If it goes
up . dime, you lose $4,000. You could
lose the whole profit on the -four contract.
You could lose your shirt.
That's the point at which you decide
to buy insurance. And you buy it in the
futures market by process known as
hedging.
Hedging Insures A gainst Loss
You tell your broker to buy you
100000 bushels of May wheat, which is
now about 100 a bushel cheaper than
cash wheat. ct wouldn't matter if May
wheat were higher than cash wheat; the
hedging operation would be exactly the
same.
To buy the futures, you don't have to
put up all cash, only part Of tor
what's called margin. You pay your broker
5000 commission for handling the trans
action for you (about 1 10 of 20 of
what the wheat is worthy, and you now
have contracts guaranteeing you 100000
bushels of wheat to be delivered in May.
As the trade puts it, you are long 10o,-
600 bushels Of May wheat futures.
Next week or next month you need
cash wheat to start work on the bakery's
-four order. So you buy $4,000 bushels,
md simultaneously you tell yoar broker to
sell $4,000 bushels Of the Nay wbeat
fata,es you bought.
Why Here's why. Suppose the price
Of cash wheat has gone up log bushel,
just as you feared. On $4,000 bushels of
cash wheat you lose $500. But since
the cash and futures markets almost al
ways move up or down together, the price
of May wheat has also gone up 1ot a
bushel. You make $4,000 on the futures
and so come out even. You repeat the
operation till you get the 100000 bushels
you need - buying cash wheat and SELL
ing an equivalent amount of May futures
- and you protect yourself against
price rise all the way along
Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-23
Futures Markets Need,
Spectators

Without the Spectator, futures mar.
kets just couldn't operate effectively. And
for very simple reason. In any market
there has to be buyer for every seller,
if a sale is going to be made. In the
futures market, there has to be somebody
who wants to 60 long on May wheat
(buy it, that isl for everyone who wants
to 60 short on it Cor sell it), if any
hedging is going to be done
That's where the Spectator plays his
Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-23
Hedging Works Regardless OF
Price Chances

Suppose the price of wheat drops 100?
You do exactly the same thing. Every
time you buy $4,000 bushels Of cash
wheat, you sell $4,000 bushels of your
May futures. But this time you save
$500 on the cash wheat and lose
$500 on your futures.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-23
Commodity Exchanges Cut Business Risks,
Result: Lower Cost of Food to Consumers;
Spectators Render an Essential Service


mythical man who is always supposed 10
have special information about what's
going to happen.
If you were to analyze such inside" in.
formation, you'd find that almost inyari.
ably it was nothing more than what you or
Ioould get by close study of readily avail.
able facts. That is especially true of the
commodity markets, for here there is no
inside. Here the essential news is in the
newspapers. That news comes from regular
public reports Of the u. S., Department Of
Agriculture, supplemented by surveys Of
crop-forecasting agencies. Here is busl-
ness that is really done in goldfish bowl.
World Demand Makes
High Prices
Right now, the world wants, lot more
food than we have to offer, 4 whole lot
more. Never in history have supply and
demand been 50 badly out of gear. In this
country alone, according to the Depart.
ment Of Agriculture, we are eating on the
average 1870 more food per person than
before the war.
What's really upsetting the price apple
cart, however, is the need for food
.broad-for every kind Of food, but Par-
ticularly wheat.
Crops in Europe failed badly last sum-
mer, disastrously so in France. Result:
Out Of U. S. wheat crop Of 1, 4os, ooo; 900
bushels, we're shipping abroad 45o, ooo,'
600 or Just about one-thifd Of it. That's
eight times our average annual exports in
the five years before the war. In just two
weeks last fall, our government bought
10000, 900 bushels for Europe, more
than we. often shipped abroad in taH
year before the war. +
Now do you still wonder why the price
has gone up?
But what about the spectators, you
ask. Haven't they been bidding the price
up beyond its natural level?
Futures Markets Are Essential
First, we must distinguish between two
types of transactions on the exchanges.
The one involves wheat for immediate
delivery. That's called the "eash" market,
and the wheat is called cash wheat:
The other type Of transaction involves
wheat for delivery in May, July, SePtem'
Der, or December, sometimes other future
months, That's called the futures" mar,
ket and what you do when you buy May
futures is to enter into contract guaran'
teeing you delivery Of 50 much wheat in
May.
Speculation is concentrated in the tu-
lures market. If Spectators were bidding
prices up, you might expect futures to be
higher-priced than cash wheat. And yet.
exactly the reverse is true. Cash wbe1t IS
The hi be,- priced, has been for some time;
The futures market performs vital
function. In fact, it is the very handspring
of the whole mechanism BY which farm
products 60 to market in orderly fashion
The cost of distributing commodities in
which there is futures market is much
less than otherwise would be the case.
And for one fundamental reason: The
futures market offers the buyer and seller
- and the ultimate consumer, too "a
vitality needed insurance against radical
price swings.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-23
Exchanges Safeguard the
Consumer

If it weren't for the exchanges, state Of
confusion would exist. Nobody would
know what the right price was for wheat
or corn OF cotton, and if the buyer didn't
know, it's safe to say many seller would
be asking - and getting prices that are
lot higher than they are now. That means
you would be paying lot more for bread
and milk and eggs and clothes-practically
everything you eat OF wear. 1t means, too.
that the price of those products would
auctuate widely from time to time and
place to place, except for the stablllzing
effect of commodity trading.
It's precisely because exchanges are so
basic to our whole system of living that
they frequently find themselves on the spot.
When there is an oversupply of wheat, the
price naturally goes down-and the farmer
lust as naturally complains. When there
isn't as much wheat as people want, the
price goes up, and housewives >. con-
sumers you and {. complain. Either
way, the Exchange" is blamed, even
though it is no more at fault than the Their
mometer which tells you that your child
has fever.
Sometimes the rise OF fall Of prices is
blamed on insiders Were not talking
here about the alleged administration
insiders, who have been so much in the
headlines lately, but about that old stock
character, the professional insider, that
Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-23

The Administration insisted on in
creased margins in order to make it tough
on spectators and thereby reduce the
price Of wheat. Or so it thought.
Now look what happened!
Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-23

No matter which way the market moves
- up or down - you end up with just
what you figured on in the first place:
your manufacturing profit. That has been
insured by hedging. You've taken a big
risk out Of your business.
Hedging has other uses, too. For in.
stance, if you were big miller far from
the source of supply with lots of storage
capacity, you might want to be protected
against price drop, which would cut
the value Of the wheat you own and store.
Here you just reverse the process. You
begin by selling 100000 May futures.
Now if the price of cash wheat rises, you
make profit" on the actual wheat you
bought originally, since it's worth more
now, but you have lost corresponding
amount on your futures If the price drops,
you gain on the futures and lose on the
wheat you have on hand. Again, you have
been insured against price fluctuations
Again, you end up with just your manu-
featuring profit, no more, no less.
Hedging Cuts Costs Do,en
the Line Re-
Farmers, professors, distributors, every
body in trade that deals with COM
modify like wheat, where there are always
price fluctuations, can take large meas
ure of risk out of their business by hedging
in the futures markets. That's why every
body, government officials as well as
businessmen, acknowledge the value of
hedging - particularly bankers who lend
money more readily on inventories that
are protected by hedging.
It's beneficial right down the line =
right down to the ultimate consumer. For
if the miller couldn't hedge his position
in the futures market, he'd have to get 4
higher price for -four in order to protect
himself more adequately against price
rise. That means the baker would have to
charge more for bread.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-23
World Demand Responsible
For Grains Hitting New High
Control of Margins Would
Upset Free Markets, Which
Alone Assure Fair Prices

Last October President Truman blasted
away at the gambling" Of spectators on
the commodity exchanges, blaming them
for high food prices.
Soon political opponents came up with
a hot retort. They charged that some of
the biggest spectators were "Administra-
ton insiders who used their privileged
information to reap big profits.
"A political Suggest started. Since then,
the going has been hot and heavy. Each
night a new charge; each morning new
denial d.
But the whole row. typical election
year brawl-is really only a sideshow that
has served to divert attention from the
main show and to confuse public thinking
about the basic issue.
That issue is clear cut. 1t can be stated
in two simple questions:
(1) What is causing high food
prices? -
(2) Are transactions on the COM
modify exchanges responsible!
The answers are Just as simple.
(1) Increased demand for food, par-
ticularly from Europe, causes
high prices.
(2) Transactions on the commodity
exchanges are in no way respon-
sible for the price rise.
We don't expect you to take these
answers on our say so. You want to know
Wby those are the right answers and bow
we arrived at them.
Prices Are Not Fixed by
Exchanges
First, definition. What are commodity
exchanges? --.-
They are simply market places where
buyers and sellers meet, where commodities
like wheat and corn are. bought and sold.
The sellers naturally want tonsell at the
highest possible price, and the buyers
naturally want to Buy at the lowest price.
When a sale is made, the price is registered
on the exchanges quotation board. No
prices are fixed" by the exchange itself;
they are all arrived at by open bidding and
offering.
The transactions are generally handled
by brokers who act as agents, either for 4
buyer OF seller. They make bids OF offers
on orders from their principals. The &C.
tual seller may be in Seattle, the buyer in
Philadelphia, and their trade concluded
on the floor of the Board of Trade in
Chicago.
Kodiak mirror., 1948-12-18

A Christmas play, entitled Where Love is, will be presented over WVCQ Thursday evenins at 7:30.
 The play, adapted for radio by Rev. R. N. Wilkinson, will include the following cast: Rich- ard Pack, Joan Varland, Jerry Clarke, Marvin Fox and Rev. Wilkinson. The ehildren's choirs under the direction of Miss Es- telle Marlin, will provide the musical part of the half hour program.
Kodiak mirror., 1948-12-18
Nelson Elected .Elks President

Stan Nelson has been elected president of the Bills Club foF 1949. l
 Leon "Ole" Johnson was e.hct- ed vice-president. Gent Marian and Art Else were re.elel ed sec- retary and treasurer.
 The terms of office are the year beginning in January
 Plans are being made # the petition of lodge of B l o Elks for Kodiak and if granted before the year is up, the offices auto- maticalIy are terminated.
Kodiak mirror., 1948-12-18
C@ss T1sssb@efan@ .At OFpheWna

Cass Timberlane, Sinclair Lewis story of 8 conservative judge who fights to save his mar. riage with 8 younger wife, has been brought to the screen with Spencer Tracy, Lana Turner and Zachary Scott as it's trio of prin- cipals.
 The film being shown at the Orpbeum Theatre Sunday and Monday, has retained the flavor of the book.
 Tracy plays the role of a con- servative midwestern judge who marrles a young woman, from the wrong side of the tracks, played by Lana Turner.
 The cast also includes Mary Astor, Tom Drake and Albert Decker.
Kodiak mirror., 1948-12-18

 heirs of said decedent are, and for distribution of said estate ac- cofdingly, at which time and place any person interested therein may appear and file ob jections thereto and contest the same.
 DATED November 20, 1948.
 Mary Gregoroff
 Fxecutrlx. First Publication ll.27-48 Last Publication 12.1S.48
Kodiak mirror., 1948-12-18
Legal Notice
 IN THE PROBATE COURT FOR THE TERRITORY OF ALASKA THIRD DIVISION KODIAK PRECINCT In the Matter of the Estate
 of GUST LANERT,
 Deceased.
 No. 296
NOTICE OF FINAL ACCOUNT


 Notice is hereby given tba' Mary Gregoroff, Exeoutrix of the Estate of Gust Lanert, de ceased, has filed with the Probate Court, Kodiak Precinct, Alaska, her Final Account in sal d estate, and that February 1 194S. at the hour of one o'clock r. M. in the Courtroom of said Court in Kodiak, Alaska, has been fixed as the tirae and place for hearing and settlement of said Final Account, for adjudica- tion and decree as to who the
Kodiak mirror., 1948-12-18

MT. and Mrs. Boyden Davis are now at Waukegan H., where Mir. Davis is stationed with the Marine Corps. Mrs Davis IS the former Cleo Gregorioff.
Kodiak mirror., 1948-12-18
MoTlcE

Christian Science services are
 held every Sunday at Il am in
 the old Frontier Shop. The pulp lie is cordially invited to attend.
Kodiak mirror., 1948-12-18

Mir. and Mrs. Henry Gonzales and children have returned from Seldovia, where Mir. Gonzales was police chief, He is former Kodiak police chief