Show SEEK fK COMMON t kr y w G O ND fOR FORM T TRADING F M i rr t ti I farmers tr h and Grain Grain Exchanges Exchanges Make Effort for forM I I i M Peace s- s I I y s if U p Dec Dec 15 The There j eis is is a corny com corn ff leti 1 ground for farmers' farmers organizations a l. l the nations nation's s 's grain exchanges which Ji r. r uAl be found by constructive study and it 1 o by destructive criticism Leslie F F. r Gates Cates president of or the Chicago board Of trade r told the several hundred mem- mem jers s ej-s of the Farmers' Farmers National Grain Dealers at a recent meeting here This This is the restless age the age of readjustment said Mr Gates Buying Liberty bonds lid did not pay for the war mush A l lines of of in industry must stand their share And in this period of restlessness we we 0 must be aware of destructive criticism crit- crit i ism that seeks only personal gain Twenty five years rears ago there was along a ah h long ng period r d of unrest n e sg during t which I porn corn sold Wf fo for for 25 c cents t a bushel and d in Kansas a was Ivas burned for fuel ruel and when wheat sold for 50 cents a bushel he said There nad been overproduction and the public mInd fund was unsettled over the silver sit sit- 5 i tJ on The grain exchanges came in for v S sharpest harpest criticism despite the fact that Jl ey were in no wa way responsible He said that out of this criticism however o of w 1 was or or tiac a constructive I I Character grew the farmers' farmers elevator movement p which has been helped to the farmers' farmers interests There are many things yet et to be done b by the farmers farmers' farmers farmers' farm- farm ers ers' elevator movement if it is to attain greatest results he added Mr Mr Gates said th th these sc or organizations or- or were against trading in contracts contracts con con- tracts for future delivery el and as a re result result re- re n sult were carrying on speculation n because because be be- cause they did not insure their holdings by taking advantage of hedging As a result result result-a a large proportion are reported to be in a bad way The farmer insures his house Should he fail faU to and the house burned he could not bl blame me the he i insurance company he I S said ld But taut he ne rails falls to insure ms nis grain gram laid d then blames the grain exchanges for His loss In normal times the world open market provided b by the exchanges gives rm per cent protection If IC in a are are- readjustment re- re re readjustment adjustment period such as we have exI exi ex- ex I i I this pr protection ri is is only 50 per the farmer fanner should still take tale advantage advantage advantage I tage of it e He He lIe told of the evolution of the board gf Q trade during the last seventy years I Explained that it was an association which Simply provided a a meeting pl place for buy buyers ers and sellers who were compelled to operate under the rigid rules This marketing marketing mar mar- machinery which assures honest weight and standardization of grade gracIe I f m mikes kes it possible to handle grain more economically than any other food stuff Dir Mr Gates stated O s s Some time ago wool suddenly found that there was practically no market marlet h he said But every every day during seventy years the board has las been in existence there has b been n a world open market marlet broad enough to to- absorb the offerings of the grain ain growers |