Salt Lake Telegram | 1920-12-05 | Page 37 | Farmers Fighting for Abolition of Exchanges

0 FARMERS FIGHTING FOR ABOLITION OF EXCHANGES 0 Battle Between Brokers and Growers Grows Hot as asI asS S Prices Tumble I I BY EDWARD M. M THI THIERRY RRY N. N E E. E A A. A Staff Correspondent CHICAGO Dec 4 The 4 The battle between grain brokers In Chicago and and wheat- wheat growers in the Mississippi 1 valley and the Northwest is now at its hottest When wheat prices tumbled a shout went up against the grain exchanges and speculators It was the old cry against manipulation tion that tion-that that prices had been pushed down so farmers would sell and when they had sold the speculators would push the prices u UP again THEY'RE ACTING NOW I I In the past farmers cursed the system but did nothing Now they are doing something A committee of ot seventeen was appointed last spring by delegates from thirty thIry y some states to the convention of ot the the American farm bureau federation which h represents farmers of all classes of product to devise a cooperative cooperative cooperative tive selling plan whereby grain and other other oth oth- er commodities c could uld be marketed as the legitimate demands of the trade re required required se- se the price determined by a price price- fixing committee on which consumers would be represented based on the cost of production plus a fair profit The committee of at seventeen met in Chicago Chicago Chicago Chi Chi- cago early in November at the height of the wheat plump It is to meet here again early in January and adopt the talked much plan to eliminate exchanges ex ex- ox- ox changes speculators and middlemen The final report will be submitted by national referendum to the farmers for approval FOREIGN BUYER BLAMED Considering g such charges here Is a comment significant and important be because because because be- be cause it comes from neither the farmer nor the grain speculator It is an editorial by Harley B. B Mitchell 1 In inthe the current is issue isSue issue is- is sue of the American Miller The only speculator that had forced I down the price of ot wheat is the foreign buyer who has taken advantage of con con- I I EXCHANGES BACKED Grain marketing through open exchanges exchanges ex ex- changes has worked to the best advantage advantage advantage tage of both producer and consumer says sars Julius Barnes former head of the United States Grain corporation Future trading is insurance Farmers escaped the full force of the blow of deflation by the cushion of future trading