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In a new package
At a price that fi
The same unmatch
WHY THE FARMERS OPPOSE
THE GRAIN EXCHANGE
He Believes It Is Used to Manipulate
Prices at His Expense
(By Earl Christmas)
Farmers have made frequent pro
test against the system through which
they must market their wheat. Dif
ferent practices of the grain ex
changes have stirred them to revolt.
But nothing connected with the whole
system has aroused such discussion as
the excessive speculation that is car
ried on in grain "futures."
A "future," as the term is general
ly used, is a contract or the purchase
and sale of grain to be delivered (lur
ing some future month. The agree
ment specifies the time and the price,
but payment, as well as delive- c, is
The nman who sells the future may
not have the grain which he agrees to
deliver. I1e may never have the ac
tual grain. Hie may think that the
market is going to fall before the
time for delivery and expect to buy
another future, or contract for wheat,
at a cheaper price, and thus reap a
profit in balancing the two transac
tions. In other words, he is speculat
ing from day to day on the future
price of wheat. 'Trading in these fu
tures may beghin months before the
harvest, often long before the crop is
planted even. Settlements are made
by the payment of diflerences when
the timer for delivery arrives.
The futur:' market is used also as
a protective measure. Since the price
Of cash grain and the price of the
future usually rise and fall together,
dealers when making cash purchases
or sales protect themselves by sinm ul
taneous future transactions on the
other side of the market. This is
A country elevator may buy 5,000
bushels of wheat one day at the mar
ket price for that day. Before it (anl
get. that giain sold on the Mlinnea pol
is market, however, the price may be
10 cents lower, or" even more. To
guard aga instI that, the elevator man,
when he makes his (lay's purchase,
wires to his broler in Mlinneapolis to
sell i),0t0t hulshils ofut ur 1es. When
his aetual grain arrives at. the market
some time latter, he also closes out.
the fueture tra nsaetionl by buying 5,(100(1
hiushecls l ini other futuretis to .satisfy~ hi~s
If i:wittrket his tiseni, thme ('leva-'
tir mn htas minl mirwy un his es
wvheat, ain I lost iin hiis turei'(s. If the
pirice has failh-n, he' has loi.t in it
: tn v eni it, thle i's: in itt uin' usuall 1y
ist abu:t habuwe,'(s the liss in the
theri. The' "hIedge"i' tus ats is a
vind f itrnce im deales a jt the
t: rm ia andi iltlwI.~ nuler uI t he t s':uniei
pln f hItt in thir purofcha 'u.
iuet ain 'e in full tit Ili,\i'en
siI 4' pecuI at :i n on' th ii rain ex-e
tothan' is, :w~ been teI 'ubjec of
that I ar t ast n i* t ot( (th' I P u rft a nil
Isr with t4 lr iii o f he "ii t."a
iTh i dera 5 '4 Tatd e ( 'It iii en, ft~i Ier
a i-uy f hersi as t liene iiuohxi of
futus , determi' i ie v that. the I t is
forea. thUtis ('hiego arofT aoa
lit----jstr president of th e illed
wi i . 4y-,t tfi ('ra l lo' ini rsu ity, who(
iw-s pritudy'i of te whue tiorld put'he
niushe a t atls 0,000,000,000 ses
in Wth 'illg mrkelis about hor5e
giveun wthel a ear.p n o herl s
wdswallow taherf bushcel tof fu-e
th eal Inid of the mohcv threto
Post Office orderntfor the mndherio
tr Rn ineana l dihiuns onicaro
pitdut hih-bi Do sa lle
P.t Oaselain 1133otig e
that fits the pocket
ts the pocket-book
ed blend of
and BURLEY Tobaccos
P 1 IFT H AVE.
bushels are bought anld sold in the pit.
Deliveries are rarely made on the
contr-acts. Some traders have esti
mated the actual deliveries of wheat
at less than one per cent.
Minneapolis is a greater cash wheat
market than Chicago, but trading in
futures is much smaller, amounting to
about 1,400,000,000 bushels a year,
according to the Federal Trae Coin
mission. The great futures market
is centered in the Chicago pit.
We have the statement of Senator
Arthur Capper's paper that "it is be
coming more and more evident that
the grain pit of the Chicago Board
of Trade is the most colossal gamb
Iing hell the world has ever known."
Senator Capper says the 1920 corn
crop was sold 14 times over before
it was marketed, that farmers lost
millions and the "lambs" who played
the game lost other millions.
Commissions on cash sales do not
pay the admitted expenses of the big
commission houses. One -Chicago
house, reported by the Federal 'T'rade
Commission, received $37,000 in com
missions on cash grain sales in 191.G
and $1,330,00 Oin commissions on fu
ture transactions. Even on the con
servative figures of Professor Boyle,
conlissions on these future trades
n the Chicago pit amount to $12,500,
000 a year, while no accurate estimate
of the winnings of the speculators
have been possible, though vast sums
must be involved when 20,000,000,000
bushels of grain are bought and sold
in a year.
Over private wires, the Chicago
house:; send out, their "gossip" to the
branch houses :aII over the country.
Says the 'e1deraI ''r ale C minission's
report: "Al uch that. is sent over the
wires is of the nature of rumor, some
is doubtless sheer invention, and of
ten dishonest invention to influence
prices to one's advantage." Some
times there is advice as to the time to
Vast fortunes have been mame aid
lost in grain speculation. The private
wire system have put more than 200
cities in direct, (aily contact with the
pit, and increasing numbers are being
induced to play the market. Twen ty
billions of bushels of wheat-even the
(oimissionls on this phantom gran
amiounit to more than $12,1000,00(1 a
year at the most c(onser-vative ti'ures!
Ilow, who pays the toll? Why is
this slmceulation tolerated ?
'I'haiit question has hroiight. out, ac
((rding to many observers, the" fact.
thit even the ill; of speculation Ire
itot unmi'ixed wvit It g.ood. W',hether thet
th-'!wnt up im oln wh leht side of1 te
fence yout4I happn to b.
'lT' thleory of the gr'ain exchange is
that futurme tadine' takes up the risk
in ha:nil i ng- irain , :1ri urv'es to( haw.
''r thle iomr4trint 1,. lw t n the pr4'lihwer'b
and1 liin- milk-r. Tis also is tw (V'ww
4of many1\ econois444ts. Thet specu'iii:tor
stepsI' in whnt thleret is 1 a 4 l'sene' I'
4 ('iis it. Ini44 4 o ther i wors, hei t :tk[4s up
if I IU- 14ui4 r''. 'e\';.tti'r cou;t i i
In br " it 4urch:<e~4, th ii' ra:4in '. :
w 44b l'it 4 hhnsel facedii w4iih the'li
b Itoreiie '' ub l I ' ge41't his' purch14 i i
4ar"' t Hei . 44''4 lls utur44 It 4,4 li' he: is
t' 44ed. br1 lther wort (4 , theiis a 4
a lin r4 k in hand 4'S 4441lig l:ri 4, mitt
Ih' specut'4:V 444r 44''''4 sim l a 4Su 4. Ih
44f4 th4 144 44 ry t lv t r a ill'44..'i 5 4' n4 ot~
:lit tis i li anc'tt'I, i 14 hoi5, have\'
to4 take1 in whh-r marge in' protvt
iof uj.r. trolinnSowob f thner Ii 411
('t (4 111n merchat.g in wohig th ll.
It11 he to-ophave ewier~t4sC mr hw
or mue co of he coli.em fals rl
ring Tne hcuaors d oty av th
ifts.o Whn-is the cinettofches
cisae up the erwetrSn ic ae! h
llay the posatage to you. y.Abu
erorduer wo h clc ti
Here's Something AboutS. S.S.
That You'll Be Glad to Hear.
You might just as well know it right
now--the cause of skin eruptions,
Dimpleof blackheads, boils and so on,
is right in the blood. There is no got
ting away from it. Science has proved
It. We prove it. You can prove it.
When the cause of skin troubles and
eruptions is in the blood, it isn't com
Let S. S. S. Givo You An Angelie Skint
mon sense to sinply treat the skin.
A bottle of S. S. S. will provo to you
what is happening in your blood. S.S.S.
is a scientific blootd cleanser.-it drives
out the impurities which cause eczema,
tetter, rash, pimples, boils, blackheads,
blotches and other skin eruptions.
When these impurities are driven out,
you can't stop several very nice things
from happening. Your lips turn nat
urally rosy. Your eyes sparkle, yotur
complexion clears. It becomes beau
tiful. Your face looks like that of a
prosperous, ruddy, well-fed, refined
gentleman, or if you are a woman,
your complexion becomes the real kind
that the wholo world so admires. S.S.S.
Is also a powerful body-builder, be
cause it builds new and more blood
cells. That's why it fills out sunken
cheeks, bony necks, thin limbs, helps
regain lost flesh. It costs little to
have this happen to you. S. S. S. is
sold at all drug stores, In two- sizes.
The larger size Is the more econonm L
HOW TO FERTILIZE
Clemson Cr e, April 17.-The
following suggestions for fertilizing
sweet potatoes are recommended to
South Carolina farmers by the con
mi ttee recently appointed by Director
Long to formulate a policy for de
veloping the sweet potato inustry
in this state. The policy, published
as Extension Circular 34, may be had
upon application from the Exten
sion Service, Clemson College, S. C.
Kind-As a rule 8-3-3 is recom
mended, for clayey soils and 8-3-6
for the lighter and poorer soils.
Ilowever, the growers should be
governed to a large extent by local
c((nditions. Tine use of stable ma
nure is cautiously recontnended,
since if improperly applied it re
sults in disease. Nitrate of soda and
sulphate of ammonia, if used, should
he used with caution.
A mount-Four hundred to six
hundred pounds per acre of the pro
per formula should be used on soils
which produce a b,.le of cotton per
acre Six hundred to twelve hun
dred pounds per acre should be used
on the lighter and poorer 'soils.
I low A pplied--- Fertilizer should
be applied in the drill and mixed
well with the soil. If barnyard ma
nure is used, it should he applied
broadcast and preferably given to
the preceding crop.
I If ESII EGGS T. I'IIE YEAlt
C lemison College, A pil 17.-1)uri ng
A pil I: and Alaty, wh'len t'ggs are pleniti-.
f'ul, ofi hiigher quality, and thle mar
(ot. price is ver'y low, is the best
time to pieserve eggs, accordinug to
N. JZ. Alchrhof', Extension Poultry
Sp teia list, whot suggests that only
sI rictl y fr'esh egg,; should he preserv
ed, t hat dirity eggs or eggs that have
h< en waoshedo shoul not be used, that
washed eggs will not keep beeatuse
t he protetivye con:1t ing has been re
mo~ved b ythe washing, and dirt~y
ecgs will becomen tninted in flavor',
and t hat inafertile eggs air' bettei'
t hoan fert ile eggs for preI~'cseirving.
Thei water p lass mtethod is one of
t he mos110t salis5fatery m v ethtode t~o use.
Their comnmericial watteri glass, which
~oan he booght at anyo drug store, is
us''d ini the following proport ion:
I oquarit ,of water glass to 10 (juarts
Water that. has been botiled and
thlen (0ooled is pit fer uable. The mix
Itire shoub be1It st irred uint il the in
grt'dIiet'i s are thooghly mixed.
A ('lean stone jari is the most suit
abule coatainer. TIhe eggs should be
phr~eedl in t' water glass so that
those at the top are covered by at
least two imnches of t he liquid. The
ja r had best he ('overedl in order to
For Three Generation.
Have Mad. Chld-Blrth
Watapos DOOKLhT om MOTHERHOODAnointS BASY. vast
safeguard at present. On the other
hand, a very large number of farm
era are against all future selling, and
point out that hedging is needed only
as a protection from the manipula
tions of the speculators. Orderly
movement of the farmers' crops to
market Is the only stabilizer needed,
Manipulation-that is the week
point in the case of proponents of fu
ture selling. Farmers in increasing
numbers feel that the machinery of
the grain exchange is used by the
speculators to force down the price of
wheat while the farmer has it to sell,
and then to raise it after he sells.
Professor Boyle and the economists
are apt to say that supply and demand
determine the price of wheat. But
the farmers are not convinced. J.
M. Anderson, president of the Equity
Co-operative Exchange, and Mr.
Drake, its attorney, say that within
certain limits imposed by the law of
supply &tnd demand, the speculators
can raise or lower the price of wheat
On the morning of January 21, 1921,
all the market news was optimistic.
It was reported that the Armour in
terests began sellire, large holdings
of March wheat. In three hours, the
price of March wheat dropped more
than six cents in Chicago, and 13
cents in Minneapolis. And, the gov
ernment report adds, cash prices de
clined more than futures!
Dissatisfaction of the farmers over
this kind of thing forced a future
trading acting through Congress last
year. It placed grain exchanges un
der the supervision of the Secretary
of Agriculture, and abolished privil
eges, one form of future selling. A
privilege amounts to an option to
buy or sell at future. Trading in fu
tures proper will continue, however.
The act also provided that co-opera
tive marketing organizations must be
admitted to the grain exchanges. Ac
tion brought in the courts by the grain
interests in an effort to defeat this
law is pending now.
Distrust of the grain exchange has
led to plans of the farmers to do
their own selling in the market
places. The United States Grain
Growers, Incorporate(d, latest venture
along this line, already has 35,000
members and a crop of 90,000,000
bushels pledged to a farmer-market
ing agency. In fact, the growth of
the whole co-operative movement in
the grain industry bears witness to
the dissatisfaltion of the farmers
over the grain marketing marhinery.
The farmers' elevator movement be
gan soon after 1900. The appearance
of the co-operative elevator raised
the price of grain several cents a
bushel in its locality. But the co
operative elevators encountered open
warfare on the part of the grain
dealers, particularly in the Chicago
territory. Commission houses which
hand led grain) from the farmers' ele
vator. were boycotted yy regular,
shippers. But the farmers' elevators,
growinig to more than 5,000 in num
rer and handling a greater propor
tion of the crop, soon became so
pouterful that. this practice had to be
;'handoned. But the grain exchange
still remains virtually a closed cor
poration as far as th. co-operative
elevator is conmerned. Another stage
in the battle is now at hand. The co
operative movement is knocking at
the door of the grain exchange.
The co-operative organizations
haven't been received with open arms
at the grain exchanges. Evidence
presented at a hearing conducted by
the Minnesota legislatore showed how
the Minnesota Farmers' Exchange, a
co-operative orga nizatio n, came to
grief when it tried to sell on the
Minneapolis Cham ber of Commerce.
It houtdt a membthership for $.1,200,
butt the board of directors refused to
approve of its membership.
'The compitany then had to sell
through a commtission house. Onte (lay
when('t it had 12 ears1 oft wheat belong
ingL~ to thtese farmentrs, this house fail
i'd, andIP anlothIer' comm1isisiion house, a
i'rediitor oft thefist, 12ot the 12 (car. of
whteat. The1 lnmers lost their graitn,
valuied att 81 2,1000. 'They appleiifd to
thle (Chambelr of' ('ommerce, bus~ fcould
not obtaini sat isfact in, andit thn ('om
Tlhen, ther"e is the Equityt Co'I-operal
in St. l'auli ant a line o count ry ('lf
IDakLot a, und ini :oldit ion hamdlefs grin
and livesticki for' memberll'i' aol pat
'Inn ont a conunllisjion bab is. It has a
.\l. A pderson, its presitdent. Tlh'
iia:I.e, wrvl~in' thlese thouidsmnii oft
f'arm~es, can't sell a bushel oft wheat
oni tihe ('hiahero' of C'~omercef of .\lini
ests, the Equnity has e'stabllishled in St.
P autl a rival gra:ini exchanitge, inc'ident
lly I the (inly\ open (exchan tge in the
anud Ithe' ((-operativle ('omlpa ny have
TIhe E'quity aIppea'iledf toi he' I'-''eera
'Traduie ('onnnissiont, and1( the connolis
.\linapoliIis C ha imer' of iCommerce
with usinig unfatit'r ( mehods ande tt
tteml~hing top destroty the Equnity Co
the Egatilty Co(-operlative* Eixchanige
waP'ls madelf to the F'edera~I l''Tade Com..
missiotn in A pril, 191 7. Tlhe comn
;laint o f'the 'omimission), made after
an0 (xtensive investigatifo, was is
stied thriee' atnd a halIf yearis later'.
Since that time other dlalys have in
tf'rposedI, andi hearing fli the comn
plaint is yet to be held.
TIhe nominal reason of the grain
exchange for wishing to excludle co
operative marketing organizations
lies in the 0old rule against rebates.
Tfhe exchnnge contends that when a
co-operative turns back its earnings
as a patronage dividlendh, that is re
bating. The exchanges have a uni
form commission rule. The more ob
vious objection, however, is that the
co-operative agency, by selling at
cost, wIll get a large share of the
business, andl drive off the market
many of the men who make their liv
ing trading in grain.-The Dearborn
prevent evaporation, and stored in
a cool place.
NOTICE OF DISCHARGE
I will a pply to the Judge of Pro
bate for Clarendon County on the 1st
day of May 1922, at 11 o'clock A. M.
for Letters of Discharge as Adminis
trator of the Estate of Clara Eadon,
Isaac Y. Eadon,
Summerton, S. C., March 31, 1922.
NOTICE OF DISCHARGE
I will apply to the Judge of Pro
bate for Clarendon County on the 1st
day of May, 1922, at eleven o'clock
A. M. for Letters of Discharge as ad
ministrator of the estate of Joseph E.
Horace D. Graham,
Foreston, S. C., March 31, 1922.
The State of South Carolina,
County of Clarendon.
By J. M. Windham, Probate Judge:
Whereas Mary A. Gamble made
suit to me to grant her Letters of Ad
ministration of the Estate and effects
of Joseph W. Gamble.
These are therefore, to cite and ad
For Sale at your Dealer
ASK FOR THE YELLOW PE
EAGLE PENCIL COI
Three cows and a De Lava
make more money than fou
cows with other method ,
Thousands upon thousands of co
ers have already proved this statemer
If you are selling cream or maki
ter, and have no separator or else an
machine, we know if we could pul
Laval on your place we would be do
a personal favor.
A De Laval costs only a little me
the cheapest separator, and will sa
twice as much and last five to ten t
long cs others.
See Us For De
our this s
& G Z desire<
JOS EPIE SRROITT
monish all and ingular the Kindte1*.
and Creditors of the said Joseph W.
Gamble deceased, that they be and a
p ear before me, in the Court of Prod
bate, to be held at Manning on the
24th day of April next, after publican
tion hereof, at 11 o'clock in the fore
noon, to show cause, if any they haves
why the said Administration should
not be granted.
Given under my hand this 8th day
of April Anne Domini, 1922.
J. M. Windham
pd. Judge of Probate.
NOTICE OF DISCHARGE
I will apply to the Judge of Pro
bate for Clarendon County on the
10th day of May, 1922, at 11 o'clock
A. M. for Letters of Discharge as Ad
ministrator of the Estate of S. M.
J. R. Haynesworth,
Manning, S. C., April 10, 1922.
NOTICE OF DISCHARGE,
I will apply to the Judge of Pro
bate for Clarendon County on the 1st
(lay of May, 1922 at 11 o'clock A. M.
for Letters of Discharge as Executor
of the Estate of John H. Hudnall,
M. B. Hudnall,
Alcolu, S. C., April 1, 1922.
Made in five grades
NCIL WITH THE RED BAND
4PANY, NEW YORK
62% of the
lt iMinnesota are
S. Manning, S. C.
our depositors with
cking accounts, we have
d this new system of
known as the Protectu
i, as an added improved
mbat the numerous
caused by raising checks,
ystem enables you to
f your check at amount
I [like a money order),
'y insuring the amount
eck from being raised
I it get lost, or fall into
:k System ,
are considering opening a
g account, by all means come
ce this additional improved
that we are r~ivng free to
BS AND A ROLL
T. M. MOUZON,
r, Assistant Cashier