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Show i WHEJIT QUESTION I DIFFICULT ONE President Lacks Power to Stop Grain Imports. Says Commission wAm WASHINGTON'. Iec. 20. (By the Associated Press.) The president I M without power under existing law "to shut out wheat Imports," hut hr "ap-purcntlv "ap-purcntlv has rortam pow rs under Lhe LVcr act to Stop future trading ill wheat," lhe federal trade commission nays In :i sfo cl.nl report lo f 'resident ! HI Wilson, made public today at the' hit. Ho ISi v Tin commia donee is not rtv;illatdi that lutuie tnnl-i Inn t- pfcsponsiblc foi the decline lni wheat prices,. It does not appear that future trading in whent as a' present! opemtinK, i of Indisputable service to' Hl the grain trade. It suggests, however,! H H in. i :f regulator) action l! be ein-1 S'' ployedi the question be considered bj H congn nd I jkH nected with war powers be enacted." PAIL rO t O-OPKR VI l . The commission tells the president mM that because ol the failure of the Chi- curo Hoard of Trade to co-operate It was unable to obtain necessary infor-fyKk infor-fyKk mation us i" whethei Lherc had been 1ml LH a manipulative character, ,! rH As to the concentrated purchases ol W wheat in this country by foreign kov - EH ernmeius which have undertaken to m regulate at homo flour prices lrrespec-l HH Uve of tile price rf whc.lt. the OOmmls-1 HD ston d"clares that If these purchases! BM are to continue "the deslrablut) i tin-' HHJ I'nitcd st.tfe meeting them through HH selling organisation should be careful- HH ly considered." 4- 1 t i SES i in i I 'M HH The commission's report is hased HH upon tin Investigation or the wheat HH situation which the president request-1 ; ' H I , I I I , . HH others had urged him to bar Canadian HH wheat Importations and take such nc-1 Hon as necessai rap-1 ldl declining whe.it market. ijJeclar-, Ing the decline of wheat prices would appear to be "in part due t unlry-l1 wide ami world-wide conditions," t lie i 1 " commission assigns Boven specific F causes. The outlook for an increased ' world supply; concentrated i!..iiik hy; foreign governments last spring andi slack pdrch ne later; 'un precedent- ' ed" importations from 'anada, follow- ' lnp "an unprecedented yield and u discount dis-count In rate of exchange;" the rec- ! ord-breaking yield of corn in this ! rountry; the slackening of demand for ! Hour; the general tendency to decline I in many commodities and the change! In credit "-ondltlons "with resulting I. II Disposition of dlsinliiii on to rcfrali I from accumulating usual stocks" ! KPJ ECT ni imlin IBLiE I Discussing the barring of Canadlai I wheat, the commission says "It I: questionable whether such a proceed lng would )ia .- th effect Its advocate I expect, because the Lrnlted States tun I Canada both have surpluses t" export I and will meet each olKer In compctl I tlon either here or In Egurope I While the commission devotes con I dderable space to a discussion of trad I lng In wheat futures. It asserts that it I is not now expressing an opinion ot I this subject as it would give it "ex tended treatment" in a forthcoming report. "Future contracts may have a lejritl-L lejritl-L mate use for 'hedging " the commit J sion says. "In this connection It I? m claimed that future trading perforina r an Insurance function where ordinary " insurance methods would noi be proc- tlcablc and that utidie- nsiru'lon of future trading such ns would deprive the grain trade of this service might result in grain dealers requiring larger larg-er margins and consequently result other In lower prices lo 'the farmer or higher prices to t te consumer-TRADING consumer-TRADING I ffl (. VMBL.IXG "Without nov. egpreSI ing an opinion i on this subject. It appears that there lJ Is a large volume of future trading i j ' as.1 la mere gambling and IrrVo great economic waste. The remedy for HH this lies in congressional action to pre- vent trading which la essentlall) gam-fffl gam-fffl bling. HH "A limitation of the volume of open ffSJg speculative trades in wheat, similar to jSJ the limitations placed on corn specula- 3fl tlon during the period of government .4 ontrol v ot Id prol a ; tend to i educe toy the possibility of manipulative trad- - '3 inu " 1 00 - |