The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1917-05-12

price had been bid up from 1925, yes
terday's close, to 1897 II. No rule
was fixed as to the price at which con-
tracts should be closed, this being left
to private agreement.
Wild Advance at Omaha.
Omaha, Neb, May 12.-Wheat fu-
lures went wild here today on news
that the Chicago board of trade had
shut down on dealings in May futures.
July advanced 81 II cents and Septem-
Der 1914.
The crisis which brought about the
unprecedented action of the board is
supposed to have resulted from:
Vast quantities of wheat being
bought that do not exist and can not
be obtained;
Purchase of wheat that can not be
found, by allied governments. and
Mulcting of western traders, who
are credited with having sold to Euro
pean governments and others wheat
they could not get, by eastern finan-
Allies Buyers Call.
The action that resulted in closing
the May market came swiftly. Allen
G. Anderson, vice chairman of the
royal food commission, and r. T. Rob
son, chief buyer of foods for the com
mon pot" that feeds Great Britain.
France and Italy, called upon Charles
F. Clyne. United States district attor-
ney, early yesterday. They were joined
later by Robert w. Chi1ds. special as
sistant attorney general in charge of
food investigations.
This meeting was secret and what
transpired there can not be ascer-
tanned The Englishmen, it is known,
came direct to Chicago from Wash
ington.
At the conclusion of the secret con-
ference, officials of the board of trade
were summoned. John R. Mouff, first
vice president; J. ]. Stream. second
vice president; J. F. c. Merrill, J. HUI
bert Ware and Roderick McKinnon re-
sponded.
They were closeted with Clyne and
Childs for three hours. This confer
ence also is cloaked in mystery. 1t is
not known whether the federal Off
Gals employed threats or appeals to
patriotism.
President Issues Statement
Last night. Joseph P. Griffin, presi-
dent of the board, who earlier in the
day had been ordered to bed by his
hand signed the notice stopping trad
ing. He also appointed a committee
consisting of James A. Patten, A
Stamford White and Hiram A. Sager
10 fix the settlement price.
Griffin issued a formal statement
Il should like to emphasize that
speculation has nothing whatever to
do with the action of the board OF
directors. nor is speculation in any
sense responsible for the high prices
prevailing for May wheat or the cash
article. Generally speaking, the specu-
1ator is not interested in May wheat
his operations being confined to the
future. 1t may safely be stated that
practically the entire interest in May
wheat is restricted to farmers, grain
dealers, millers and foreign govern
mentS.
Stampede by Consumers.
THE recent hysteria over ehe food
situation has caused a stampede by
consumers in every direction. and
while it is regrettable, it is neverthe-
less a fact that even leading govern
ments of Europe seem to have become
fearful as to their future requirement
I'VE are but a market place $
therefore the action of the board does
not interfere with the freedom of con-
tract on the part of either the indi-
vidual or government, but compels
those requiring wheat for immediate
consumption to make purchase from
farmers and grain Dealers