48 TO PREVENT SALE OF COTTON AND GRAIN IN FUTURE MARKETS 
Senator CAPPER. Now, the fluctuations in cotton could not be 
any greater than the violent fluctuations that we have in the hog 
market. Our farmers are constantly complaining about that. Do 
you think, now, this same system could be applied to advantage for 
the hog raiser, and set up a hog exchange that would start a system 
of future trading and speculation on the exchange on all the products 
of the farm out in the West coming through these exchanges? 
~~ Mr. HAYNE. I am afraid I could not answer that question. I think 
if it possibly could be brought about perhaps it would be better. 
Senator SMITH. May I ask, Senator Capper, the question right 
now, do the prices of livestock, hogs, and cattle fluctuate within as 
short a period, as violently or as great as the commodities of your 
farms, namely, wheat? 
Senator CAPPER. On the hogs especially I think the fluctuations 
are even greater. 
Senator SMITH. Than they are in wheat? 
Senator CAPPER. Yes; and there is nothing that our farmers are 
complaining about more right now than those violent fluctuations in 
both the wheat market and the hog market. Now we have, of course, 
this scheme of future trading in wheat, but it does not seem to elimi- 
nate that evil of violent fluctuations of the market. 
Senator SMITH. Which of the two is the greater, the fluctuations 
in the livestock market or the fluctuations in the wheat market? 
Senator CAPPER. Well, I believe it is greater in the wheat market 
than in the hog market, but nevertheless our producers are complain- 
ing bitterly of both the livestock market and the wheat market. 
They can not see that we will get any relief at all from this system 
of future trading, in spite of the fact that this Congress enacted a 
law here a couple of years ago that they thought would help it, and 
in spite of the fact that the Department of Agriculture under the law 
is trying very hard to administer that law and set up regulations 
that would, to a great extent, eliminate those violent fluctuations, 
yet they go on, apparently. Here in the month of December we had 
a fluctuation of, I think it was, 26 cents a bushel in wheat, notwith- 
standing they had this system of future trading and notwithstanding 
they had an act of Congress, and notwithstanding they had the Sec- 
retary of Agriculture who had worked out in connection with the 
governing board of the wheat market of Chicago a system of rules 
that were aimed to eliminate this evil to a great extent, at least. 
Now it goes on just the same. So it is pretty hard for us to see now 
much force in your argument that this system of future trading bene- 
fits the producer in that direction, at any rate. 
Senator SMITH. Have you any figures that you could give for the 
record as to the fluctuation in the livestock market? It is important 
and enlightening to know whether the effect of the exchanges in 
that respect, with reference to fluctuations, is different from those 
of no exchanges. Have you any figures? 
Senator CAPPER. I think I can get that, yes. They are of record, 
and I think I can get them. 
Mr. HAYNE. Of course, Senator, the volume of the cotton business 
probably exceeds that of grain and cattle to a great extent. The 
cotton crop last year, I think, brought $1,600,000,000, and, as a matter 
of fact, I do not see how the spot business could be carried on now