Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-01-23


v;+.I .,oI.<.If a~..e.4 e.. Ms. h.1.;..
vould.'t work s,t;.f.rto,;lv n h,v;re
and selling. frst. on one side Of The n,ar e
ket then the Other he skeen. the market
active and liuuid keens tke lonss and
shorts n b.l,nce
Spectators aren't Gam Iers
"A gambler is man who takes IN
artificial risk; in fact. he creates risk for
the sake Of gamble. He says, ri bet
the next flip of coin is heads" He
doesn't h4Os to flip that coin; he does It
because he wants to make wager.
"A Spectator is man who takes 4 risk
th.t r;,L lies 4 The ,,.;o ;s.eIf sau.Selr
xlw1rs b1s TO BE- . 5tsesl<to, IL wbe1t.
If farmer holds his wheat, he is specu.
: lating - hoping for price rise, running
the risk of 4 price decline. And when the
farmer sells his wheat. the miller take,
over the speculation. He takes the risk
that prices :nieht drop. that he MIGHT
have been able TO bnv # . lower nrire
later.
Wheat is harvested in about three
months, but it is used over 4 period Of
twelve months. For nine month. Of the
year somebody has to hold the price b.,
Somebody bas TO speculate. :.
Often thai man Is the spee,,lator an tie
EXCHANGES. The farmer Or miller Who
wants 70 unload ii, r;;sr can +,,n.f., i "a
The csnerul,tor thro., oh H. r,.dinrn af.th.
Chic On Rn,rd a. Tr,d. Tho K.,... C;tv
Board Of Tr,de ar n. M;nn.,nol;. Gam
Fxch,n.. The thr.e r,;nr;,.I ro.rL.t. :,
The IIn;fed St.,.. d..l;r. :. -,h..t
f,,h,,..
.'-
Spectators Render Vital
.Serriee =
Specul,tors fulfill an ;nportaot .co.
nomic function Eronom;st. eere,allv A..
.oreed on fiat Not even The Commcd;,v
EXCHANGE Autbor;tv which !, the eov.,n.
ment apencv CHARGED with ove,,ee;ns
operations on the exchanges would ,ro,,e
with a1 that; -.
e In ~ -" PeoPle unoei s'aia
~. JoD ne ooeS u ~, ms - ~~1ys iesHiaea
VIZ. ~ I.Pon: ~ :; nc. D,s ...ul.s .1
1 1'n ne .A.4y sen Ii ~, i1uiei tn~n t1ke
. y. inc "neI =: II ms senS CON
| ~. , IL. ~, sll.on " ~
has ~ ~ ~,h..t - a.1;.., ~. ~ .,.;. e ~.
f.;,;ns ~ f',is,I . aan.,..4 ~ 49," '
Us. I,.a.J 49, =. .ha. -. - - H..
,.l......J - &C.,. c. Ill. ~
&C.,. -. go 49, g.
over" If he does, its al to the good, BE-
cause Il makes e lor broader markets, WIN.
Out ".a.n i.linel aha nli.r eoulon
heaSe l1en POSITIONS '. enee,,veiJ'
, Inc nulnD1l oi ,hnes 'nA : crop u
soia ana lesoia IN inc Iu'ules markets Is
"e'.1. Ju -h. . :. :. ~ ~ ne Pliae o.
~' :. ~. = eote' AZ .n]e u. WIZ. ~
~ ~. Is...nI ~. eae ',.s .. ~. ..uP
f,.s,... s.l..s.n. " u. ~ &C., I,: IN.
;au,..... ae1;e;. 30 ~. I'e.e &c, 0u Si1
'> ~i'''@ ~ Oo-ei@ ~"o 'oia' a.
Spectators Do Not Boost Prices
No less an authority than Mr.. 7. M.
Mehl, Administrator Of the Commodity
Exchange Authority. can be cited On that
point :,
.,. IN iSosenDel - ~ Mr' Mem saia'
-, ~ no. Dene' s una! sPeeuL.'ion Is {,
n.s.I iae'ol In oe'e,mlnlng tne genera
1evei 81 Pllees IN inc long nun. ana
MI faenl 'olo mat 70 inc senaeofs ana
1ePlesen.a.lves VINO are members o. me
joint Ionmi'1ee on tne economic Report.
Spectators a. Group Do Not
MIKE Ris Money
At The same he,r;cc Mr. Henry II
Cate president Of the Flour Mills Of
Amer;c, said th,t tber. va, "a ev;d.nc.
to indicate that wheat ,neo,l,to,. ..<.
pro,,n made money i ne lonr nm Int
fh,t on The contrary there v,s -v;d.nc,
~ .7FJ',