The sun., 1917-07-12
CHICAGO SETS $1.2S
LIMIT ON DEC. CORN
Board to Curb Speculation and
Soaring Prices-Market
Breaks Records.

CHICAGO, July 11.-Directors Of the
Chicago Board OF Trade this afternoon
fixed a maximum price of $1.2s for the
December and May uo1s) deliveries of
corn. No action was taken on Septem-
ber.
A three hour secret meeting preceded
the action. After adjournment formal
notice was given out, but no explanation
was offered.
An official Of the board said the estab-
lishment of a new maximum price for
December and for all later options was
needed to bring trading conditions into
harmony with the Government war
policy of preventing undue speculation
and unwarranted high cost to consum-
ers.
In taking such n measure the directors
were said to feel that moro drastic
steps were averted, including the posi-
BILE closing of the Board OF Trade. IL
was said that owing to the smallness OF
stocks Of corn and the unlikelihood that
any large accumulations would be avail
able for long time the trade In
future options had much less substantial
basis than under normal conditions, so
that dangers of sudden wild infiations
had to be taken into account
A maximum price of $1.6b for the
September delivery here and for all
other old crop futures was already in
effect and was not disturbed by the dt-
rectors, as the value of old corn for
immediate delivery is now much in ex-
cess of that limit and had to-day
touched the highest figures ever known
for Chicago, $191% bushel for ordi-
nary No. 2 white.
War emergency cuTbs on trading in
Kansas City and ST. Louis, together with
q prospective additional check on trans
actions here. brought about much ner-
vousness to-day In the corn market Az
ter breaking all high price records for
the season quotations closed unsettled
at u to 2&c. net advance, with Sep
tember $1.5eh to $1.59H and December
t1.21k to $1.211h. Wheat finished hc
of to a like advance at $203 July and
Sl.911h September, oats gained " &c
2Mc. and provisions were unchanged tc
10c. lower.
Rapid changes in sentiment formed
the rule from the outset in the corn mar
ket much difference OF opinion existing
as to what maximum price for Decem
ber delivery here might he named. Al
FIRST the bears seemed to have n decided
advantage. but a sudden wave of buying
by shorts carried prices sharply NJ
grade Then a break ensued owing tC
heavy selling for houses with Easter
connections.
tracted notice. but failed to offset re
ports that irreparable damage had beeI
done in Oklahoma and that drough
area extended northward to the Dakotas
Wheat swayed with corn, but KEEP
within narrow limits. The chief infiu
ence In oats was the fact that DESPITE
numerous fluctuations the corn marke
averaged higher. Provisions received
only meagre support.
WHEAT-Crop said to be ripenin
rapidly in central plains and harvestin
reported started as far north centra
Ohio and Illinois Is nearly ready in north
ern Missouri and is general In Kansas ex
cept in few western counties. Grail
dealers in southern Louisiana and illinoi
and western Kentucky reported to hav
set a price of $2.O3 for new wheat delivere
at mills. Local cash market: No. har
winter quoted ot S2.33 (. o. b. to arrive.
CORN-Local cash market: No vel
low quoted at So c. 1. (. New York.
OATS-Local cash market strong: stand
ard quoted at s2hc.; No. white s1h I
sac; No. white, 81 to Sine: No;
white, sou to Sic: fancy clipped white
say to save; ordinary clipped white. so !
to SIhc., all elevator.
RYE-Quiet; No. Western. new crol
Sl.S5 e. l. Z. New York to arrive.
BARLEY-Barely' steady: feeding, $i.4C
mailing. $3.50 to $40 (. o. b. New Yori
CHICAGO PRICES,