New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-24
EXPERT DENIES
CORNER IN WHEAT
Continued from page |

, 10 figure on him as an element In the
present economic situation.
"The poor will not stop eating bread
/ because IL is raised in price one cent a
/ loaf" said Mr. Candy, "but they will
not eat SO much of it. They will econ
omizc'
Asked If he did not believe that the
increase in the price OF bread would
tend to increase the unrest and distress
in the nation, he said;
Chewing Gum VS.. Bread.
'Tn country like the United States,
where millions are spent each year Tor
chewing gum, fve-cent cigars, ana
other cheap trash, | fail TO see now IL
can be disturbed by penny rise In
the price of bread
The witness said that the rise in the
price of wheat would be balanced by
decrease in the price Of potatoes ana
other articles Of food.
Mr.. Candy admitted that as presl-
dent of the Chicago Board Of Trade he
appealed to the federal authorities last
fall 10 limit the export of wheat.
isn't il a fact" asked Mr.. Becker,
chat your action in this regard was
due 10 a desire on your part 10 ue-
press the price because many OF your
members had been caught short on
wheat, having made contracts for de
livery on the basis Of May prices, and
would be stuck in having to buy wheat
at the greatly advanced prices to lul-
fill their contracts"
"Not at all replied Mr.. Candy. II
had nothing in mind as to how the
dealers might come out on their con
tracts. / did not seek to depress me
price. but 20 keep it within reasonable
hounds and ameliorate the panicky
condition Of the market, due to the
suddenly increased demand
Revertin2 TO the matter OF specula-
ton. in answer TO Mr.. Becker's ques-
tions, Mr.. Candy said that there was a
certain amount OF speculation in any
commodity. but that TO a certain ex-
tent il was beneficial to business.
There is an impression that II you
could eliminate this speculation It
would be a material help to the con.
sumer and producer alike, is that so 7
asked Mr.. Becker.
Not only will the producer be in
/ iured, but the consumer also, If by
any fiat Of government speculation is
killed" said Mr.. Candy. The first re-
suit of such a course would be the
REidDllNnIntHL
opoIy cannot permit speculation. 1t
fixes the price"
Questioned at length as 70 specula-
ton in the wheat pit of the Chicago
Board of Trade. the witness was EN-
pbatic that, despite the fact the board
had experienced the largest volume Of
trade in its history since the European
war accelerated the price and eXporta-
. ton of wheat, there had been but light
speculation, much less than in recent
normal years. He said he did not
know of one Of the ,624 members Of
the board who had speculated.
"The financial situation, as well as
the elements of abnormal conditions,
has tended to restrain the speculative
design said the witness. The positive
proof Of light speculation Is the wide
fluctuations in price. 1t means a small
number of sellers and small number
Of buyers. The purely speculative
feature of wheat dealing has been
much less during the last few months
than IN recent normal years. Every
body I'm the market Is expecting each
day the price Will 20 down. ana sun
thinks 60"
Mr.. Candy said his statements were
based on thirty years experience and
that he implicitly believed in the doc
trines he expounded. He was the only
witness examined yesterday.
Mr.. Becker expects 20 get more meat
in regard to the speculative side of the
situation from Joseph Letter, who will
testify on Friday. To-day the local
wholesale and retail bakers will have
another inning. The charge of con-
spiracy against the Ward Baking Com
pany and some of its drivers will prob
ably be the subject Of further testi-
mony.
Assistant District Attorney De Ford
began an investigation of the Ward
case and others before the grand jury
yesterday. Seventeen witnesses ap-
peared in response to subpenas issued
by the District Attorney, but few Of
them were examined yesterday. The
grand jury inquiry will be continued
to-day.