Show CA PENNY MEN i I Chicago Grain Exchange Wants to Exclude Small Gamblers I CHICAGO April 23 The Tho The chi I Chi Chicago cago go board of trade recognises i thu tho thoi i c existence of tl tao tivo 0 kinds hinds of specula specula- speculation speculation tion That of tho the competent it Il wants and encourages that of or the Incompetent it does docs not nol want I ne-I ac according cording to the annual 1 report of Robert flobert McDougal president of the tho board Speculation bv by the incompetent is 11 contrary to the policy of the board says the repol t Caro will be by board members to prevent e nt such per persons a as arc are In- In Incompetent incompetent In Incompetent competent from speculating Un- Un Under Ender Un Under der the tile term Incompetent are In- In in included eluded all oil persons In positions positiOn I of trust t such as ns cashiers c an and anil book book- bookkeepers kelc keepers rs nil iii Il persons financially un- un un able the losses which they rIsk Incurring all pcr sons persons ons 1 In a II study and standing of oC grain conditions all per per- per per-I perSons persons sons ho hose c families or dependents may bo lIo injured by such specula specula- speculation speculation tion specula specula-I The rhe board lIoard of 01 trade w speculatIon from the competent and andI I f om them m only the repol t con I con This iss cl-iss includes mc men n with intellectual and financial ability to make o speculative invest Invest- investments ments and ho can it if necessary bc bear r losses without Injury to them them- themselves sch selves aches CS C'S or others The United 1 States te Supreme court has baa said that speculation by competent men has value In avoid avoid- avoidIng avoIdIng avoiding ing or mitigating catastrophes prices and pro for periods of want l s It In Tn discussing the subject of short selling President al says Baya In Inthe inthe Inthe the report Short selling being nn an feature of future trading ought to be defended d and explained It t Is almost universal universally Iy ly approved by e economists and practical grain men mn The chIef benefit to the tho market of short hort sell sell- sellIng sell leg Ing Is to put on the brakes against Il stany I any undue fall tall 01 or rise in price thus keeping prices on a more even Iced It js Ja beneficial to nil all nh Inter Inter- InterI interests Interests I ests ts to have the bIg biff fluctuation thus eliminated for Cor grain can then be bA handled at lit smaller mailer risk on smaller margins that is more to tolI the producer and less to tho con con- con consumer tol I punier sumer Without short hort selling there could be no c effective e future futuro trad trad- trading I leg ing and It If future trading would ling with It which would bo be tL a costly step tep backward ird I I e TO IO I J I President nt McDougal l Is of the tho I opinion that formers aro are generally either uninformed or 01 misinformed misinform Id I'd as to the board of DC trades trade's nature and functions lie sass sa s l Not t one farmer in a thousand n knows the tact fact as c established by of tin the federal gov- gov gov government that the tho ns n's toll tolls tollI I on grain Eram through the mArketIng terminals like the tho Chicago of trade are arc under open opell and free freo competition lower o er than on nn any other product farm ers are arc not our friends on only Iv op-I op be cause causo they dons don's know all the fats facts Representatives of f farmers companies who wish to use uso our facilitIes for marketing their grain ought to be bo encouraged and Invited I to join jom the board when they are aro of I the tho right character and credit and will agree agre to obey our rules anti and Coli follow ow established practices In let let-I let ter ter and spirit the ame same as all otherS To admit dmit them on d terms would be to destroy tho the pres pres- present pres- pres present present ent market and turn the grain bust busi bustness business ness from the hands hand of the many manyon manyon manyon on very ery small mall margins margin over to manyI the I hands of 1 a few on wide margins with nth resultant 10 lower er prices to the me producer and higher prices s to th the consumer l |