Evening Republican, Volume 18, Number 26, Rensselaer, Jasper County, 30 January 1914 — THE GRAIN EXCHANGES [ARTICLE]

THE GRAIN EXCHANGES

Not a Secret Society—Membership Open to all Persons of Integrity and Financial Stability. [National Crop Improvement Service.] John G. McHugh, Secretary of the Minneapolis Chamber of Commerce, is contributing a series of articles upon the functions of the Grain Exchanges, especially to papers which have been Advocating the formation of Farmers’ Grain Exchanges. He makes it very clear that the various Grain Exchanges are not engaged in any manner in the grain business, that their sole purpose is to operate a market place in the most, efficient manner and the qualification for admission ro membership consists merely in a record of honest and reasonable financial stability. He states that farmer’s elevator companies can and do belong to the various Exchanges and they thereby get all of the benefit which accrues to the entire merabership through the daily market information and the bringing of the whole market Into focus at the same time and place. By thus joining the grain Exchanges, the farmers 4 elevator companies may have all of the advantages of the city commission merchants and may be kept very fully advised regarding the market conditions. A Grain Exchange is merely a set of rules which compel fair dealing between two diametrically opposed -selfishnesses. • • There can be no Grain Exchange where there are all sellers and no buyers. The National Grain Grower publish ed by the Equity Society of North Dakota says in this connection: “Many people are considering this question without being in. possession of the facts upon which to base cor rect conclusions. It is easy to form conclusions that are incorrect and easy to hold fast to those conclusions even though they are Incorrect. It often is more difficult to be right?’ Most of the criticism of the Grain Exchanges arises from ignorance of the subject. Copies of the rules of all of the Exchanges may be had upon application and Btudents ■ of these rules all agree that the grain business is years In advance of any other business in integrity and economic efficiency.