The Bismarck Tribune Newspaper, December 15, 1937, Page 7

tdi Lat et oe eh ie - ih ee eae beta - Gloo ~ Rule Wo Traders’ Calm Dealings Affect Farmers in America, Australia By MILTON BRONNER In know the building exists, nor would they the name of the Liverpool Corn Trade Association, Lid. Yet the world prices of wheat as reflected in “futures” are Jargely made on this Liverpool grain exchange. The famous Chicago “Pit” deals entirely in American wheat, and is less vitally concerned with the outside world than Liverpool, which deals in “futures” in wheat from Canada, Australia, the j—any country which has at any time an exportable surplus. This “future” trading is the sale of contracts to deliver wheat of a certain description and quantity at a given future time. It is the kind of trad- ing which led to the madhouse market that Frank Morris described in “The Pit.” No Frantic Bidding But American readers knowing that tradition would be amazed to watch the operation of this vast world-wide market. There is no excitement. There 4s no frantic shrieking of bids and counter-bids. Everything is calm and .@asy and decorous. In the “future” room, one wall 4s @ board which gives the current and closing prices of wheat in the great wheat-growing countries. On a ‘big bulletin-board in another part of the room are posted latest bulletins bout weather and crop conditions, and also covering actual shipments of grain on the high seas. Chief point of interest for the traders is a blackboard in the cen- ter of the room. In front of this is a circular rail against which the members of the exchange or their roughly clerks lean and transact Prices quoted on the board are in and pence and fractions of one penny, and are for “centals” of wheat (100 pounds). Dally “Settling” Fixes Price When two of the dealers stand- ing along the rail, their eyes on the data and their minds instan- taneously calculat @ hundred fact- ors of weather, foreign exchange, po- litical prospects and the like, make a deal, their transaction is registered with a clearing house. They are then subject to a daily call for “margins.” Daily this clearing house meets and . Any tween the price at which the buyer bought or the seller sold his futures, and the “settling” price, if it is a loss, Harstad Co Oe Waar hl) BUSINESS PAGE IN NOVEMBER SLOWS But Good Crops This Year Are Reflected in Bank Debits for Month of October North Dakote’s business pace was slower in November than in October this year but October's dealings this fall were considerably ahead of a year Cittes— Bismarck Devils Lake Student at Minot College Is Dead Minot, N. D., Dec. 14.—(?)—Noma Ferguson, 31, of Tioga, Minot state Teachers college student, died Tues- Gay at @ Minot hospital to which she had been admitted last Tuesday. She was the daughter of Mr. and Mrs. J.J. Ferguson, farmers three miles south- west of Tioga. Asks Trade Extension- By War, If Necessary Minneapolis, ‘Dec. 15. Tp) —“De- mocracy is at the cross-ronds—and that includes the United States. Your my Liverpool Offices rld Wheat Futures In this little-known, gloomy, 70-year-old bullding in Liverpoo! England, the “grain futures” prices of the world are termined. Instead of & dramatic name like Chicago’ venerable institution carries the name of the Liverpool Corn Trade Association, Ltd. May Lose on “Settling” Thus if @ man bought wheat ‘fu- tures” at nine shillings and eight Pence, and the next day at “settling time” the price had sunk to nine shillings and seven pence, the buyer would be a loser by one English penny on a cental. That means a loss of 4000 pennies per load, or 20 pounds, $100, He would have to pay du: this $100 plus his “original margin” of $100, Each day until the transaction is closed, he must make a similar cash settlement. If there is a gain it is credited to him. When the time finally comes to take delivery of the con- tracted wheat he pays the price speci- fied in the contract. Trading Is Family Heritage All this sounds highly complicated. It is the most highly-organized com- modity business in the wold. It is bred in the bone of many of these traders, some of whom are the third and fourth generation of their families to deal in grain. Only since 1883 has this very old association been dealing in “futures,* now its most important function. “Cash” or “spot” trading for almost immediate delivery is carried on only on Tuesdays and Fridays. ago at the same time, particularly in the Red river valley, the Federal Re- serve. bank of Minneapolis reports, Bank debits, or checks against de- |. Ppositors’ accounts, reveal that the good crops of the past year had helped H substantially in stepping up circula- tion of money throughout the north- west, except in those districts where the drouth still lingered. In tabulating bank debits, the re- serve bank called attention to the fact that there were 24 business days in November, 1937, compared to 25 in October and there were 22. business days in November, 1936, compared to 26 in October, 1936, The following is the tabulation for North Dakota: Nov. 1937 Nov. 1936 Oct. 1937 Oct. 1936 13,321 12,080 13,368 11,013 13,32! 1,56¢ 1,888 1,064 1,285 1417 1,462 country must take the warning of Cor- dull Hull, that the only way to cure unemployment is by pushing back trade frontierspholding on to those it enjoys now—even though it dees mean war.” That was the way ¥. T Taylor, Winnipeg, president of Kiwanis In- ternational saw it Tuesday in Minne- apolic. : C. O. RICHMOND PASSES Minot, N. D., Dec. 15.—Minut friends have learned of the death of C. O. Richmond, Great Northern engineer here a number of years, in Los An- eles, Calif, He died of a heart ail-| ment. About 1650 women, as compared to only 683 men, belong to the cigar-mak- ing union in London. #6 |Sees Light Through THE BISMARCK TRIBUNE, WEDNESDAY, DECEMBER 16, 1987 | i gely de- Pit,” the The exchange has 222 members representing 123 firms. They are international shippers with offices in all grain-growing countries, grain merchants, brokera who buy and sell for customers, and millers, Members are elected by the board of directors, and seats may not be sold like those of the New York Stock Exchange. Governs Grain Distribution With more than 50 years of “future” | trading behind them, the English | maintain that this international grain trade, working through grain ex- changes, does two highly-useful | bow, things: 1, It arranges the most econom- ical and efficient distribution of grain to all parts of the world where it is most I 2. It evens out the supply of grain over @ period of time. Dealing in grain that 1s yet to be planted or Teaped, points the way to those who hold actual grain as to whether they shall conserve in view of possible shoztage in the future, or sell in an- ticipation of a glut. Whatever the effects, it is certain that no wheat farmer in the world can safely ignore the proceedings that go on inside this dark, unimpressive-look- ing old building in-Liverpool. Procedure for State Aid to Charity Set A program of jure for the Lutheran Welfare society of Fargo has been set up by the North Dakota board of administration, Chairman Jennie Ulsrud announced Tuesday. Miss Clarisse Clementeon, executive secretary of the society, and Miss Theodora Allen, head of the state children’s bureau, conferred with the board regarding the $10,000 appropri- ation made by the last legislature, which Mrs. Ulsrud explained is the state aid received by the society. The chairman reported no meeting | was scheduled Tuesday. She said each board member has received for stud & copy of the NDAC audit which was not made public, Transplanted Cornea New Orleans, Dec. 15. — () — Phy- sicians reported Tuesday Frank Cha- bina, 19, had seen light through the left eye donated to him by John Amos, 67-year-old hospital companion. Dr. George Haik said it was a good indi- cation that the operation, by which a Portion of the cornea of Amos’ eye was transferred to Chabina’s eye, would be a success. FARM WORKER DIES Fargo, N. D., Dec. 15.— (7) — Jack Giles, 66, farm worker in the Chaffee, N D., vicinity, died Tuesday in « local “NN PAPER and INK fon’t all you get when you place your printing order here, One trial will con- vince you. You will reeog- nize the quality of our printing and the high grade Paper we use with each respective order. Let us aid you in planning LEIFUR ANNOUNCES CITNZENSHIP ROLL Many Get Names on Honor List Compiled at Junior High Evangeline Eslinger, Violet Fager- strom, John Fields, Jack Fossum, Robert Gehrke, Norman Gillenberg, Leota Goodman, Allen Hektner, Rob- erta Henderson,. Eleanor Hoffman, Gail Indseth, Persis Hite, Dorothy Hoffinan, Ruby Johnson, Marjorie Jones, Robert Jones, Ethel Keator, Edward Kallenberger, Robert King, pun Knuteson, Verna Koenig, Arlene Jeanne Larsen, William Lauer, Bor- nice Lund, Gilford Mandigo, Joyce Martinson, Anna Mauk, Mary Mc- Garry, Suzanne Melville, Delores Mes- ke, Leslie Miller, Marie Morton, Aud- rey Neideffer, Mary Nelson, Henry Nordstrom, Oeo O’Brien, Clarence Ol- son, Russell Orr, Janet Overbee, Lois Peterson, Jean Pickles, Milton Quamme, James Ranum, Betty Rey- nolds, Dorothy Roberts, Gretchen Schneider, Alice Schuh, Rosemary Selvig, Eunice. Seims, Norma 8Skei, Rosemary Slorby, Mary Smith, Milli- cent Sorkness, Joyce Stoen, Barbara Stroebel, Robert Swenson, Kenneth Tellinghusen, Annette Tovik, Edna Wall, Betty Warner, Delores Wells, Ruth Werner, Thelma White and Jeanette Williams. Seventh Grade Vivian Anderson, Kathleen Ander- son, Doris Asbridge, Elizabeth Baer, Fred Bates, Beverly Beaudoin, Ruth Bender, George Bird, Robert Blensley, Marian Brandes, Margaret Bredy, Ruth Brittin, Alice Burtts, Betty Cave, Elaine Cleveland, Vance Coffman, Robert Cook, Ferris Cordner, Roscoe Corell, Clarence Crawford, Emeline Crawford, Jack Cripe, Charles Crum, Marie Dow, Shirley Christenson, Irene Fetch, Richard Fevold, June LeRoy, Van George, Laverne Gierke, Pearl Gedge, Violet Geohring, William Gra- ) Richard Knudson, Beverly Gun- neas, Dorothy Hanson, Lorraine Hauch, Lucille Heidt, John Heising, Alvin Hoff, Marian Ilchen, Evelyn Klein, Burnette Landerholm, Ona Kneif, Roy Logan, Marlys Korrup, Esther Kottsick, Marjorie Larson, Karas, Mary Farnum, Robert Lowen, Maria Morris, Marion Martin, Ida Mc- Cullough, Mere Meeder. Robert leyer, Marlowe Mogul, Charles Morton, Virginia Nassif, Ruth Nelson, LaVonne O’Brien, Allene Ol- stad, Jaqueline Parks, Anna Rasche, Dorothy Rader, Bonnie Rennie, Jane Riggs, Mina Mitchell, Norris Miller, Ruth Richert, Margaret Meili, Cleo Schultz, Marjorie Robinson, Monte Russell, Ed Schmidt, Evangeline Schioemer, Marie Schierbeck, Myla Mitchell, Elste Schultz, Norma 8el- vig, Dorlyn Shaw, Jane Skinner, Shir- Swedish Beauty Honors a Saint Crowned with a wreath of burn- ing candles, this pretty Stock- holm girl donned her pictur- esque finery for the St. bucia Day celebration, Dec. 13, which all Sweden observes. At déwn of the festival day a giri of each family, dressed in white and wearing a lighted crown, offers coffee and Lucia cakes in honor of the saint, who symbolizes re- turning daylight. The most beautiful “Lucia” is selected to lead a triumphal procession in the capital. ley Small, Alwyn Smith, Betty Smith, Jean Sloan, Darwin Solberg, Louise Sorsdahl, George TeKippe, Ralph Thompson, Sylvia Tolchinsky, Duane Torvik, Harriet Wagar, Richard Waldo, Marjorie Walla, June Walker, Gordon Westbrook, Marcella Weisen- berger, Virginia Whizeler, Vitgitia White, Irene Wilson, Audiene Wil- son, Mary Wolf, Mary Wynkoop, Beverly Young, Laurence Yaeget, Jack Wolff, Ethel Trygg and Nancy Tavis. Chairman Says NLRB Is Prosecutor, Judge Washington, Dec. 15.—()—Senator Burke (Dem.-Neb.) who is seeking & senate investigation of the national labor relations board, made public Wednesday a letter from Chairman Madden saying the board was pat- terned after several other federal agencies which are “prosecutors as well as judges.” An earlier letter from Madden, embodying a request that Burke justify a speech critical of the board, had been followed by the sena- tor’s call for an inquiry into its activ- ities. Devils Lake Turns Down Sewer Project Devils Lake, Dec. 15.—()—Proposal for construction of a trunk line sewer in the northeastern section of Devils Lake has been defeated. More than 78 per cent of the taxpayers and prop- erty owners in the district protested the construction, which was estimated to cost approximately $16,500. ATTENTION! Xmas SHOPPERS $35 Cellarette Free! A walnut mah piece hand-cut g! y beverage cabinet containing 20- ware service for six will be given away absolutely FREE. Ask us for details. Cabinet on display now in our store. Complete assortment of practical gifts for the whole family. PEOPLE’S DEP’T. STORE 112 5TH ST. HANFORD many RATES BELOW RAIL evs PULLMAN experience a much wider economic sovialism in the future, since the signs Of increasing liberalism are unmis- takeable. BCONOMY IN’ WEST cis iso's see and capital but also the consumer in Se of business on the Pacific const. 3. Organization of co-operatives for Or. Arnson, Back From Coast, |sroup medical attention is gaining considé?able momentum in the west- Says Efficiency Makes ern states. 4. Planned economy for agricul- tural areas in the west is in sharp con- trast to the lack of foresignht exer- cised in western North and South Da- Kansas, Wyoming and 5. Construction of dams in the west as well as polution of river waters is causing gfave concérn among execu- tives in the rapidly dwindling salmon industry. 6. Their efficiency appears to be the A eeries of observations on varied subjects made recently while he was on the Pacific coast was related to the Bismarck Kiwanis club Tuesday noon by Dr. J. O. Atnson, who returned to Bismarck recently. Included among the speaker’s ob- were: servations H 1. The United States is destined to WHAT'S THAT YOU SAY ? THEY'VE PRIED OFF THE ADDITION TO GOOD OLD BILL'S BARN ? ELEBRATIONS call for something special. And you'll find this Anniversary Edition of G2W MILL FARM plenty special—including its price! It comes from G&W’s prime bourbon stock. It’s a full 2 years. old. It’s smooth as a mill pond...mild as a summer breeze! Try Anniversary MILL FARM today...and join us in celebrating 105 years of distilling experi- ence! 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