Try A Clossilied Ad
ERTH-RITE
SEA-BORN
ALGIT
ZOOK &
RANCK, INC.
R. 0.1 Gap, Pa. 17527
Phone 717-442-4171
THE ALL NEW STIHL 020 AV
CHAIN SAW.
SEE IT AND TRY IT AT
l. STAUFFER
JOHN
REPAIR SERVICE
Box 67 RD2
East Earl, Pa. 17519
215-445-6175
AT FLEETWOOD . . .
Commodity Futures Promotion
“Advertising literature or
promotional activities which
entice unsophsiticated investors
into commodity futures markets
are irresponsible if not actually
fraudulent” said Assistant
Secretary of Agriculture Richard
Lyng in a talk today to the
Association of Commodity Ex
change Firms, Inc.
“We are becoming in
creasingly concerned,” Lyng
said, “with the type of
promotional literature being used
by some brokerage firms and
Gram Elevator, Feed Warehouse & Flour Mill, Fleetwood, Pa
commodity advisory services.”
“One recent example which we
consider especially bad is a letter
which urged ‘Servicemen,
College students, widows,
businessmen, and anyone over 21
years of age with as little as
$l,OOO of speculative capitol’ to
get into the ‘game of op
portunity.’ Another letter, in its
introduction, refers to com
modity trading ‘as the greatest
opportunity for making money in
the world today,’ and then glosses
over the loss potential in small
print at the bottom of the letter.
“Another touts a brokerage
firm system which ‘has been
designed to produce profits of 50
per cent to 100 per cent per
BUCKWHEAT
(Continued From Pages)
down from 1.1 million bushels to
98,000, and acreage has plum
meted from 59,000 to 4,000.
Replacing Pennsylvania as the
No. 2 buckwheat State is Min
nesota, which has held its
acreage at about a third of the
1950 level. It produced 166,000
bushels on 9,000 areas in 1969.
Meanwhile, North Dakota has
moved up to become the fourth
largest buckwheat State, with
93,000 bushels on 5,000 acres in
1969.
cylinder
Acreage in Michigan and
Wisconsin has all but disap
peared.
Import duties on buckwheat
have gradually been reduced to
zero. Last year, about 156,000
bushels of buckwheat were im
ported from Canada, compared
to 27,000 bushels the year before.
During the first three months of
1972, more than 100,000 bushels
have been brought in.
C,m
ITT
F. M. BROWN’S SONS, INC.
-iSfc
Birdsboro • Fleetwood
Lyng Deplores
year.’ Still another claims, in
especially large print, ‘our
trading record the past year was
88 per cent profit.’ Probably the
most astonishing, to me, was the
claim that ‘since the initiation of
our advisory service our trades
have averaged, each and every
Friday, a profit of 42.1 per cent.’”
The Assistant Secretary
termed these kinds of promotion
“outrageous examples of gross
deception which must be stop
ped.” He pointed out that “not
only do such false claims unfairly
mislead investors, they do great
harm to public confidence in
futures trading and thereby do
harm to a vitally important part
of our agricultural marketing
system.”
State Grange
Three grange youth ex
changees from other states will
help staff the annual Penn
sylvania State Grange Youth
Camp July 14-16 at Spruce Creek
where nearly 150 young men and
women from thirty counties will
train for responsible roles in
citizenship, leadership, and
community service, A. Wayne
Readinger, state master, said
recently.
Mr. and Mrs. Kenneth
Schlegel, Fleetwood RD3, youth
co-chairmen, will head a camp
staff comprised of members of
their committee: Curtis Mar
shall, Ellwood City RDI; Richard
Smith, Athens RD2; Mrs. Allen
Dean Grove, Entriken; Douglas
Bonsall, Millerstown RDI; Mrs.
Robert Hollabaugh, Warren; Jeff
Wetzel. Kutztown RD2, and Ruth
Hart, West Middlesex RDI, state
youth prince and princess.
Visiting exchangees Susan
Sinking Spring
Lancaster Farming, Saturday, July 15,1972
Youth Camp
Buyers of
WHEAT
BARLEY
OATS
CORN
Modern Facilities
50 ft. Dial Scale
50 ft. Truck Dump
1000 bu. Dumping Pit
Irresponsible
Lyng praised those Commodity
Exchanges which have rules
requiring members to submit
advertising literature for ap
proval. He also pointed out that
most commodity exchange firms
are careful to tell customers of
potential losses as well as gains.
“All of us—legitimate com
modity exchanges, and the U.S
Department of Agriculture—
agrees that misleading ad
vertising must stop. You in the
industry can take some steps to
end it. We at USDA are now
embarking on a new program,
through the Commodity Ex
change, to request Federal Trade
Commission to investigate
misleading advertising and
promotion of commodity
futures.”
Brown, Oakland, Maine; Jeff
Reynolds, Newton, lowa, and
John Weaver, Westboro, Mass.,
will attend with their Penn
sylvania hosts, Rebecca Sat
tazahn, Womelsdorf; Theodore
Dauler and John Weaver, both
Williamsport.
Readinger said the camp each
year “provides valuable training
experience” that pays off later in
“more effective grange
programs and in wider com
munity service.”
1/ie OkLium&t,
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“A protest march is like
a tantrum, only better or
ganized.”
9