THE PROBLEMS IN MARKETING 83 



Europe during the same year paid an average 

 price of a dollar a bushel more for our wheat 

 than the farmer who grew the wheat received 

 in this country. 



Representatives of the Board of Trade who 

 appeared before the committees of the Senate 

 and the House during the hearings upon the 

 Future Trading Bill frankly admitted that 

 market manipulation does go on. Abundance 

 of proof can be found in the reports of the Fed- 

 eral Trade Commission showing to what 

 amounts this trade in grain rises in some 

 years. Three times as many bushels of grain 

 as are produced in the whole world are sold in 

 the Chicago market alone while the actual de- 

 livery of grain amounts to but a small per cent 

 of the total transactions. Deals on the Chicago 

 Board of Trade in 1920 amounted to 51 times 

 ^the total amount of wheat produced in the 

 United States. 



It was a knowledge of conditions such as this 

 that led me to introduce the bill which was 

 known as the Capper-Tincher Anti-Grain- 

 Gambling Bill which was passed by Congress 

 in 1921, declared unconstitutional in some re- 

 spects early this year and reenacted in new 

 form by the House in June, 1922, awaiting at- 



