TO PREVENT SALE OF COTTON AND GRAIN IN FUTURE MARKETS 25 
November, December, and May, in which trading is followed in Win- 
nipeg, but only brief success followed their efforts, and drops of one 
cent were speedily replaced with gains of four and a fraction cents. 
These prices were held to the close. What is now regarded as de- 
liberate propaganda to stampede the farmers of western Canada into 
disposing of their wheat, which started early in the season”—— 
Now, if that is a just conclusion, they realized that the bears in 
the market could raid the market, and at the time of the publication 
of information in the Chicago Tribune, that prevented that. 
Mr. DUVEL. I think sometimes perhaps we get a wrong impres- 
sion of the bears. That is, the bears are not necessarily the ones who 
are undertaking to depress the price, but one who feels that the price 
is sufficiently high that it justifies him selling out; that is, in his 
opinion that the price is too high or—— 
Senator CARAWAY. He at least is a bear on the other side of a 
future rise. He is betting it won’t go any higher, and praying, 1 
presume, as he bets. 
Mr. DUVEL. I presume so. 
Senator CARAWAY. I would like to ask you a question. You are 
not testifying as to cotton, but the rules of the exchanges are prac- 
tically the same, are they not? 
Mr. DUVEL. No; there is quite a difference between the rules of 
the cotton exchange and the rules of the grain exchange. 
Senator CARAWAY. For settlement days, etc., for settlements, ete., 
they are practically the same? 
Mr. DUVEL. There is quite a difference in that respect; although 
I am not sufficiently familiar with the cotton side really to discuss 
that side. 
Senator CARAWAY. I see. 
Senator RANSDELL. Doctor, will you not please tell us where 
there are grain futures markets in the United States, in what cities 
there are grain futures markets, and state also where there are grain 
futures markets in Canada? 
Mr. DuveEL. We have as contract markets; that is, those desig- 
nated as contract markets under the grain futures act, the Chicago 
Board of Trade, the Chicago Open Board, the Milwaukee Chamber 
of Commerce, the Duluth Board of Trade, the Minneapolis Chamber 
of Commerce, the St. Louis Merchants Exchange, the Kansas City 
Board of Trade, the Baltimore Chamber of Commerce, the Los 
Angeles Grain Exchange, and the San Francisco Grain Trade As- 
sociation of the Chamber of Commerce. There are 10 of them al- 
together. 
Senator CARAWAY. And how many so-called curb markets and 
bucket shops that are branches of those markets? 
Mr. DUVEL. If there are any bucket shops, I do not know of any. 
Senator RANSDELL. How many contract markets are there in 
Canada? 
Mr. DUVEL. Just the one in Winnipeg. 
Senator RANSDELL. The one in Winnipeg? 
Mr. DUVEL. Yes. 
Senator RANSDELL. Where in the world are there grain futures 
markets besides Canada and the United States, Doctor?