| Show 4 It CIt 0 Y q y Y y 9 9 0 0 to GRAIN FUTURES TRADING G ACT CONSTITUTIONAL I Supreme Court Passes On So S Con Control Rights V WASHINGTON ASHINGTON April 16 The 16 16 The grain futures trad trad- trading trading trading ing act was declared valid and constitutional today by bythe bythe bythe the supreme court It was the second time the court had passed on the validity ofa of a grain future trading Jaw a previous statute based on the taxing power of the fed fed- federal federal eral government having been unconstitutional The law upheld today was based on the right to control interstate commerce Chief Justice Taft Tatt In delivering the opinion said the tho decision In Inthe inthe inthe I the former grain Brain futures case caso wa was an n argument In fa faor favor or of oC the oun- oun con constitutionality of ot till the present Law because In the latter congress s met tho which the court cout thad cou-thad I had pointed out as us haling haing ten ten- rendered tendered ren rendered dered It Invalid i cn is b Y Tr I It Is Impossible the court said sal to distinguish Jet between transactions In ha cash grain and In grain to at- at ar arrive I rh rive rise e from stock shipments the court had held to be bo commerce The grain exchange the court said was merely the gateway through which the grain floed in Its course from the we west t tto to the tho est east an and to Europe I Sales Sates on the Chicago board ut trade trado are as necessary to the con con- con continuity I of ot this flow now of o ln gr the I court held held lel 1 as are stockyards saia in th movement of or cattle It was that tho the evidence snowed I that future future trading docs does have E an ct on tho the cash casTI price of grain Th The fact tact that corners corneTS in graIn hac ha been brought about by deal deal- dealIngs dealings deal dealings ings In futures evidenced thi do- do de derision Islon cislon said the relations between future dealings and aud cash grain Tee Chicago board of ot trade the court concluded Is Ig engaged in a business which makes It subject to aI I national regulation I Justices JUStiNS and dissented Although Although no trading is 13 done dono In in grain futures at the Ogden Grain Exchange the dealings thele being entirely wheat and other grain that has arrived ed or is to ar- ar arrhe arrhe ar arrive rhe rive the grain futures trading act decision will III ill ha have hate e important ben ben- benInS Ing beir-Ing InS ing upon grain dealings b by th I millers according according- to vie views expressed res ed by men In touch with U 11 I Uon Millers 1 hae have followed the custom 0 buying futures in grain to pro pro- protect pro protect ct their companies on advance contracts for tor flour lour and feed teed dell dell- deller delivery cry ery er thus avoiding the ot of the market In large measure and andI I a definite net return from I each bawel of ot flour sold Sueh dealings are throughout the United States the lIle- grain being bought on the vailous allous boards of ot trades where futures al ai- ai deal Including In-Including in including Chicago Minne Minne- Minneapolis Minneapolis Minneapolis apolis St Louis Kansas City and other cities CUlt GO COM andI I CHICAGO April 16 When When ae- ae ad advised by the Associated Press Pross t the constitutionality of ot the grain II I ii turcs il-turcs tures ae ac had hd been uphold upheld by the supreme court of ot the United States 1 president John J S Stream of ot the Chi Chi- Chi cago board of trade said 1 It Is needless to say aay that the tho Chicago board of oC trade will III obey the law which has been approved hy by the highest tribunal In the the- land land e Ve e will cheerfully conform In e to the law What effect some of its pro pro-I pro pro- provisions pro provisions will Ill have on the tho order ot of marketing marketing- of ot food commodities the thO future alone can c-an dJ disclose close If It thi I falls fails to be the panacea for tor all Ills It will alit be bo through Its own I de-I do- do de deficiencies and not because o hIndrance from the grain e e change c change |
