PAGE EIOITT
MEDFOTCD MATL TRIBUNE MEDFOItD, ORECOX, TUESDAY, MAY 29, 1917.
HOW GAMBLERS
IE
N WHEAT MILK
FARMER. PUBLIC
What Dealing In Futures Really Is
and How It Effects Price of Bread
You Eat Farmers Are Paid Mini
mum and Every Bushel Sold a Hun
dred Times Bear and Bull Market
(The action of the Chicago board
nf trade und other e.xchunces in dis
continuing trading ,in wheat futures
"until further notice'' has aroused
much interest in "future trading'
what it is and how it affects the
price of the bread you cut. Basil II.
Manly, who is touring the vital lood
centers for the Mail Tribune to find
out what is wrong, studied operations
of tho floor of the Chicago hoard of
trade and the Minneapolis chamber of
commerce in order to he able to
answer those quest ions. The Minne
apolis grain exchange Is nearest the
spring wheat states and next door to
the largest flour mills in the world.
Editor.)
BY BASIL M. MANIA'.
(Htuff Special.)
CHICAGO, May 2!). "Futures,"
or as they are more often called on
the floor of the Minneapolis chamber
of commerce nnd Chicago board of
trade, "options," arc verbal or written
contracts to buy or sell at some fu
ture time.
For instance: July wheat. One
man on tho floor near the July wheat
pit, or acting through his commission
man, buys 10(10 bushels of July wheat
at, say $2.41 per bushel. He puvs a
small portion of tho purchase price,
called a "margin." The seller con
tractu to deliver to him 1000 bushels
of wheat in July. He can deliver on
the first day or any time up to and in
cluding the Inst day of July. The
buyer must take when delivered anil
pay the balance of tho price over the
margin ho laid down at the beginning.
, . Helling lteally Hotting.
Or, n man may sell 1000 bushels
of July wheat. That doesn't neces
sarily mean that he has even a sinjile
bushel to sell. This man is literally
betting tltut wheat in July will be
Selling for less than the "future"
price quoted today. If he guesses
rightly he can buy 1000 bushels then
at n lower price and sell nt the higher
price he contracted at. If wheat goes
Up by that time he, of course,' loses
tho difference.
September wheat is that contracted
for delivery in that month. At this
time of the year speculators are deal
ing in May, July and September
wheat. After June 1 May wheal is
dropped and December wheat is ad
ded. Dealing in futures, commission men
say, is necessary to protect terminal
elevator owners and flour millers:
that it gives these men a chance to
hedge on the market which is con
stantly fluctuating.
Hut this much of grain speculation,
while it may or may not be neces
sary, is only n minute part of the
singulation in futures. To ovci le
gitimate future trade there are !HI0
that arc nothing but gambling or
prearranged efforts to affect the
market price of cash grain.
Nolil ion Times.
The average bushel of wheat is
sold at least 100 times on the Mimic
npohs chamber of commerce. I'.vcn
morning there were up to Muv It!
more bushels of whe.il sold in future
trading oa the Chica'-:o I'o 'nl nl' t udc
than there arc bushels teci ived dur
ing tho whole year!
One man sells hundreds of thou
sands ot bushels of wlvrut be hasn't
got and which he never expects t,
have, to another man who i!..en't
wnnt that wheat nnd never expects
to get it. That same mythical nhcat
is sold again and again, foreim: the
price up or down.
In tho fall, when the fanners nre
hauling wheat to market, the price is
low. Nliyt llowt
Milhlag the VnniM-r.
Look at September wheat today.
It closed at 1 a bushel lower than
May wheat. Whyf Because in Sep
tember the farmer will have wheat
to sell.
Today only millers and big ware
house men have any. Along toward
the time when wheat is being thrcsbed
the milling trust and big grain buy
ers will begin selling September wheat.
Then they don't buy. Continued sell
ing of tiny commodity naturally brings
down the price. Just how tnutiv of
theee sales are "wash" affairs no one
but the "hears" (sellers, pulling down
the price) know. A wash sale is no
Dale lit nil' " is made openlv on the
floor bteen certain members of a
bear crowd and alter the exihanie
closes it is washed off the slate. But
wsb h"v? a lrv effect upon
Memorial Day will bo fittingly ob
served in Medford tomorrow. Kol
lowing a short parade exercises will
bo held in the Page theater in the
forenoon. All the school children arc
invited to participate in the parade.
The 7lh company and Company I, the
(r. A. Ii. and Woman s Relief loi
will be among the marchers.
At the theater the following is the
program :
Singing of America bv audience.
Invocation, Rev. J. C. Rollins.
Reading of general orders by Ad
infant Andrus of Chester A. Arthur
Post. O. A. R.
Roll call' of deceased members of
past year. The five members of the
post who died the past year are Kol
I in R. Hotchkiss, Jasper N. Hall,
Iliram Bender, Jacob Klipptc and
Noah B. Bradbury.
Heading, Mrs. Elizabeth Mu'holl
iind. Memorial address, II. A. Can'iday.
Vocal solo, Mrs. Bertha Ktueriek.
Violin solo, K. K. Root.
Vocal solo, "Star Spangled Ban
ner,' Miss Oeraldine Theiss.
Benediction.
All organizations which will take
part in the parade, and the school
children, arc requested to meet nt
the city park at thHO o'clock, ns the
parade will start for the I'age theater
at 10 o'clock sharp.
In the afternoon the memorial ser
vices will be held at the cemetery,
'caving from the Knights of Pythias
hall at 2 o'clock. All who have prom
ised automobiles will please be af
K. of P. hall at 2 o'clock sharp.
the price. To outward signs they
are real sales.
Munipiihiting Market.
After the price is down nnd most
farmers have marketed their wheat
the flour millers and grain eorncrers,
who have stored away millions of
bushels in elevators, begin boosting
the price upward. They have some
thing to sell which they bought cheap
and want to sell ns dear ns possible
for a profit. They thev become
"bulls," and buy December and May
wheat.
Again wash sales are used, this
time to help increase the price. Hu
mors of crop failures arc spread;
dire predictions are made, to give the
impression of a decreased supply, and
the continual buying from one number
goes on.
Slowly the price is boosted.
Then the terminal elevator owner,
who holds the actual wheat, lifts the
price to the flour miller and the miller
can point to the high price of Decem
ber wheat and raise the price of flour.
And they do that very thing.
Futures Affect Cash lrlces.
Raising or lowering the price of fu
ture wheat affects the price of cash
wheat, and flour prices are bused
upon the price of cash wheat, that is.
wheat actually sold.
Nor is it alone in wheat that fu
ture deliveries are gambled in. There
is May pork and Julv pork; May
lard and July lard: May ribs and
July ribs; July corn ami September
corn; July oats and September oats;
May flax nad Julv flax.
By future trading one man can
get millions of bushels by putting up
a small portion of the price. With
only cash sales no grain gambler
could sell "short;" every sale of
wheat W'ould mean the transfer ot'
that much grain. No one couh! in
crease the price bv buying what he
won't take, nor decrease it to the
producer by selling what be hasn't
got.
LEMONS BRING OUT
THE HIDDEN BEAUTY
J
STRIKES A ROCK
A. 8. liosenbatim, general claim
agent of the Southern Pacific com
pany, of Portland, former company
agent at Mcdford, sustained a com
pound fracture of a leg when a speed
er on which he was riding was wreck
ed -Monday afternoon, while he was
on his way to Canary on the iiarsh-fleld-Eugene
branch for the purpose
of viewing the site of a speeder acci
dent which cost the life of William J.
Kranhelm, a telegr.-.ph lineman,
whose heirs have sued the company
for 150,000. Coy Burnett, general
trial attorney for the company, also
of Portland, was severely bruised.
Two men operating the speeder cs-
E
AGAINST DALEY IS
1 J .
4
1
One of the John. Doe indictments
returned by the grand jury was
against William C. Haley of Lake
creek, who is one of the best und
most favorably known ranchers of
Jackson county. The indictment
charges assault against Anna Dorn,
21 years old, who resides in the Wel
len district.
Mr. Daley, who is 74 years old,
married, and has a family of grown
children, earnestly asserts that the
.charge brought against him is an at
tempt at blackmail. And so does bis
attorney, Gus Newbury, who has
known him for 30 years intimately.
"I am not only going to defend Mr.
Daley, but I nm going to acquit him,"
said Mr. Newbury today.
Following the indictment Mr. Daley
was taken into custody and arraign
ed before Judge Calkins. He pleaded
not guilty und was released on bond.
The ease will probably be the lust
one tried at the present term of court.
The Dorn woman, who is the moth
er of a child, claims that she was at
tacked by Daley while passing over a
lonely road.
for the past forty years Mr. Daley
has lived on Butte creek, during which
time he has always borne a splendid
reputation morally and every other
.way. His ranch is one of the finest
in Jackson county, and he is reputed
to be very well to do.
A. S, Itosciiliaum.
caped unhurt. Tho car waa derailed
when ft struck a rock that had rolled
down from the hill above. They were
picked up a few minutes later by a
passenger train coming from tho op
uoslte direction.
Mr. Itosenliaum was hurled many
feet in the air nnd picked up uncon
scious. His body was a mass of
bruises, the left side of his face being
badly swollen and discolored, his left
arm was badly wrenched and both
bones of his left leg broken below the
knee. I to passed through Medford
Tuesday morning en route to the
Southern Pacific hospital at San
Franclsc), where he will be laid up
for the next two months or more.
Many friends greeted Mr. Roscn-
baum aboard the train, where prop
ped up in his berth he held an Infor
mal reception.
EMENT
T!
SPECIAL SESSION OF
iV special session of tho grand Jury
which body was Just dismissed last
week, was being held at .lacksonville
this afternoon. The purpose of the
special session is being carefully
guarded. County Prosecutor Roberts
refused Tuesday noon to give any in
formation beyond the fact that the
business before the jury would bo
completed within an hour.
Tho jury went, into session at 1
o'clock nnd was still in session nt .1
o'clock. No word leaked out from
the Jury room as to the nature of the
matter being considered.
The commencement exercise of the
high school will be hold at the Page
theatre on Thursday evening begin
ning at 8 o'clock. The following Is
the program:
High school orchestra, American
Patrol.
Invocation, Rev. A. J. J. Hogg.
Vocal solo Eclogue-Delibes, Adcle
Drault.
Address, Dean W. D. Marlln, Uni
versity of Oregon.
Orchestra, Charge of tho Lancers.
Presentation of diplomas. Dr. E. R.
Seoly, president of the board of edu
cation. '
.Benediction, Tr'.' J. Lawrence Hill.
Orchestra, Three Rings March.
Medford people will have their last
opportunity to sec Bobby Pelouze and
Rudy Scholtz, the California college
bnseball stars, in action lit the Wood-burn-Medford
national guard base
ball game at the bull park Decoi-itiim
day afternoon.
Woodburn has twic beaten the lo
cal Seventh company und the Med
ford company has strengthened its
lineup in several places. Bobby Pe
louze is one of the nil-star baseball
players of Stanford university, while
Rudy Scholtz is probably the best
known player in the Santa Clara
nine which for many years has been
tho pennant winner of all the Pacific
coast college in bnseball. Proceeds
are to be divided equally for the sick
benefit funds of the contesting com
panies. The game will be called at
2 :'.H) p. m. sharp.
Bohbv Pelouze will shortly leave for
Franco where ho will servo in tho
Red Cross ambulance service in one
of the Amcricnn units just organized.
StomachJK
Germpipk
NEUTRALITY DECLARATION
. OF BRAZIL IS REVOKED
RIO JANEIRO, May 29. The Bra
zilian chamber today passed the first
reading of the government measure
revoking Brazil's neutrality in tho
war between Germany and the United
States. The voto was 136 to 3.
The measure under consideration
by tho Brazilian chamber was drafted
by the committee on foreign rela
Mons. It recommended the cancella
tion of tho decree of April 25, 1917,
which declared the neutrality of
Brazil In the war between Germany
and the United States.
Under this bill President Braz is
authorized to take the necessary steps
to make tjie measure effective.
One Dose of Myr's Wonderful Home
dy Drives Them Out Knds Torture.
Stomach poisons breed millions of
germs that eat into your vitals, caus
ing Gas Pressure, Indigestion, Consti
pation, Torpid Liver, Auto-Intoxlca-tlon,
Yellow Jaundice, Gall Stones,
Appendicitis, Cancer and Ulcers of
tho Stomach and Intestines, etc.
Thousands of sufferers have been re
stored by Mayr's Wonderful Remedy,
among them Justice of the Supreme
Court, Congressmen, Doctors, Law
yers, Bankers, Ministers, Nurses,
Farmers, Mechanics persons of ev
ery class probably your own neigh
bors. Stomach troubles are due most
ly to catarrhal poison . Mayr's Won
derful Remedy removes that poison,
thoroughly cleanses the system, drives
out the disease breeding germs, allays
inflammation and ends suffering. Un
liko any other remedy. No alcohol
nothing to injure you. One dose con
vinces. Free book on Stomach Ail
ments. Write Geo. H.' Mayr, Mfg.
Ihemist, Chicago, or obtain a bottle of
Mayr's Woderful Remedy from Leon
B. Haskins or any reliable druggist.
who will return your money If it fails.
Defense Council Gives $5,000.
SAI.K.M. Ore., May 29. Tho stntc
emergency board today placed $5000
to tho credit of Governor. James
Withycombo for prosecution of the
work of tho state council of defense.
S3
Make this lotion for very little
coit and Juit aee
for yourself.
What girl or woman hasn't heard
of lemon Juice to remove complexion
blemishes: to bleach the skin and to
tiring out the roses, tho freshness and
tho hidden beauty? Lemon Juice
nlone is acid, therefore, Irritating,
and should bo mixed with orchard
white this way. Strain through a tine
cloth tho Juice of two fresh lemons
Into a bottle containing about three
ounces of orchard white, then shake
well and you have a whole quarter
pint of skin an dromplexlon lotion at
about the cost one usually pavs for a
small Jar of ordinary cold cream. Be
sure In strain ttic lemon Juice so no
pulp gets Into tho bottle, then this
lotion will remain pure and fresh for
months. When applied dally to the
face, neck, arms and hands It should
help lo bleach, clear, rmoothrn and
beautify the rkln.
Any druei.t will sup ply throe
ounces of orchard white at very little
io.t and the grocer has the Union.
MxvWWP' VMS
5
i uiMiNjCao ana ma
r-'Hrnr A x rnrtriTM rn
SYSTEM
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a.nifcv .. ... . m
wrath; I
7htJ.-Mii(..s5
Richmond
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Fcdcr.xl
Keperve Bank
in ouch of these Cities
The Fedcr.J Reserve BankinR System waj
created largely to ptotect and benefit thoso pn
gai'd in industry, commerce and agriculture
both employers and employes. Its main purpo&o
is to help those who borrow and provide a cur
rency more responsive to business needs.
Wo are momlwrs of this system and you can
rccuro its benefits and add to its stronh by
becoming one of our depositors.
Stop in nnd let us tc'.l you just how It mocis
your particular nccda.
First National Bark
P E rotation! MEL1 FORD. OREGON Hj
1'ji.yiSpHimiji j iiia7iwc 'Kjtmarsmi
In commemornnce of the gallantry of the men who
pave their life's blood for an "undivided nation," wo
observe Decoration Day. It is a fitting tribute lo tho
country's heroes.
Make your nppeiranoe worthy of the day. You will
find selection easy in these pre-eminent Clothes mod
els for all younjr men nnd men who stay younjr. A rep
resentative array of the smartest styles nnd ilcsimble
patterns and wear-worthy fabrics.
Home of ITart, Rchaffner & Marx Chillies,
$20.00. $25.G0and $30.00.
Oilier dependable Suits, $12.50,
$15.00 and $18.50
k The Toggery
i
IUILUJUUIUI
IN MEMORIAL
TN the midst of this terrible death struggle
JL
of the world war in which we had no
making, we pause for a day's reflection,
and our minds revert to those who have
paid the price and made our liberty possi
ble, as one people under one flag.
Under the sod and the dew,
Waiting the Judgment Day
Love and tears for the Blue,
Tears and love for the Gray.
THE MAY CO.
Store dosi's at V2 o'clock noon.
ft