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Show CAPPER-TINCHER ACT NOT CAUSE OF DROP Secretary Coverdale Says Hysterical Hys-terical Interpretation. The Capper-Tinoher Act, sponsored by the American Farm Bureau federation feder-ation as the proper "means of restraining restrain-ing the undesirable feature of speculative specu-lative dealing on the grain exchanges, is not responsible for the decline In wheat prices, according to Secretary John W. Coverdale. If wheat is down for this season, why should corn be up when it is traded in in exactly the same way and subject to the same regulations, asks Mr. Coverdale. He continues : "Corn Is around 22 cents higher than a year ago and wheat about 1-1 cents lower. Hysterical interpretation interpreta-tion of supply and demand statistics has carried wheat prices lower than the facts Justify. Speculation on the exchanges Is highly sensitive and has always been Inclined to exaggerate tho facts. "In his administration of the Oa-per-Tlncher law the secretary of agriculture ag-riculture bus asked dealers to file reports re-ports of purchases and snleg of Individual Indi-vidual customers In excess of 500 million mil-lion bushels. If buyers kept out of the speculative market because they were required to file these reports, why should not sellers stay out also. If both refrained from dealing, their luck of activity would be offset on each side. Obviously It Is wrong to hold the Capper-TInchor law or Its administration ad-ministration responsible for present low wheat nrlcen. "Actlng Secretary of Agriculture Pugsley states there Is no restriction or restraint In tho form of an arbitrary arbi-trary limitation on trading at the present pres-ent time, anil there Is none In contemplation. con-templation. Furthermore, notwithstanding notwith-standing similar agitation In grain trade for the past several months, oui records now sho.v that total volinii' trading In May wl t futures was lr excess of slime month In preceding year. When pre"e;,t regulations ill) der grain futuies act were promtil gated. Secretary Wallace Issued a statement deprecnl Ing the persistent rumors which have come out of hook markets to the effect that ndinlnls (ration of this law would drive opei ators out of the market ami cau .e s' vero decline In prices." |