SPECULATIVE TRANSACTIONS IN 1926 MAY WHEAT FUTURE 493 
more orderly price movements. This will be necessary if the futures market shall 
best serve hedgers and others who have need of it in the process of moving grain 
from the farms of this country to the consumers of this and other countries. 
* * * Attention may be directed once more to the arbitrary limitations upon 
unnatural price fluctuations. This is just one more means to discourage harmful 
practices and prevent erratic fluctuations. Any and all such limitations are in 
themselves artificial and unnatural, of course, but in dealing with unnatural and 
artificial means to move prices out of their normal course, we may be justified 
perhaps in using artificial and more or less arbitrary means by which to keep them 
within the reasonable bounds of natural movement as governed by the legitimate 
forces of supply and demand. -. 
Both of these are problems which should be solved by the exchanges 
themselves. But whatever the solution it is evident that large trading 
operations obviously designed to influence prices, and especially opera- 
tions which involve heavy swings at frequent intervals from one side 
of the market to the other have neither economic nor moral justifica- 
tion. It seems equally true that a futures market in which an 
individual trader may buy or sell within a single trading day a quan- 
tity equivalent to 10 or 12 per cent of the total trading for the day in 
the dominant future is not a market based on the supply of or the 
demand for actual grain, 
