TO PREVENT SALE OF COTTON AND GRAIN IN FUTURE MARKETS 15 
futures. Those are the fellows that we want to prevent gambling. 
We want to prevent those fellows from dealing in futures as a matter 
of speculation. How can we do that and still let legitimate hedging 
proceed ? 
Mr. DUVEL. In the hedging propositions, of course, the general 
theory is that some one must take the grain from the speculative 
standpoint, and carry the hedges. Moreover, the present grain mar- 
keting machinery has the advantage that it offers a market which is 
open every day in the year, every minute, to anyone who has a trans- 
action that he wants to make on the exchange. 
Senator CARAWAY. Do you think they can influence the market, 
raid the market, as we commonly say, as it is now? 
Mr. DUVEL. In connection with this work, we recognize, of course, 
that there are evils in the transaction, and those evils we are now 
trying to correct. 
Senator CARAWAY. That was not what I asked you. I asked you 
if they could raid the market now? 
Mr. DuUvVvEL. That is by excessive trading? We recognize that 
trading is sometimes excessive. 
Senator CARAWAY. Well, can you not just say yes or no? Can they 
raid the market? 
Mr. DUVEL. By excessive trading that is possible, yes. 
Senator CARAWAY. Do they do some excessive trading now? 
Mr. DuvEL. We think at times that the trading has been excessive. 
Senator CARAWAY. Was it not excessive yesterday? 
Mr. DuveL. Well, I have not seen yesterday’s report, and I do not 
know just what the volume of trading was yesterday. 
Senator CARAWAY. In three months on the Chicago market they 
sold over 5,000,000 bushels of option wheat. Was that a legitimate 
volume of business? 
Mr. DuveL. Well, it is hard to say from the standpoint of the work 
we have done so far just what the volume should be to give best 
results. We recognize that—— 
Senator CARAWAY. Then, you just intend to say to the committee 
that you don’t know. 
Mr. DUVEL. I do not want to put it that way. 
Senator CARAWAY. Well, then, what do you intend to say? You 
say you could not tell. 4 
Mr. DUVEL. That in our studies of this grain futures work, which 
we have had only a short time, we recognize that there must be a 
Silo volume to give flexibility to the market, and just where that 
gure is—— 
Senator CARAWAY. That is what I say—you don’t know ? 
Mr. DUVEL. It’s hard to tell. We have not been at it long enough 
to tell definitely. - 
Senator CARAWAY. How long have you been at it? 
Mr. DUVEL. This act was passed or became effective in Septem- 
ber, 1922. 
Senator CARAWAY. You have been at it, then, between three and 
four years, have you not? 
- Mr. DuvEL. Well, we have had our organization in effect, and have 
been getting reports since——