Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1917-05-15
Break leading
Grain Exchanges
WHEN TRADING IN FUTURES
WAS SUSPENDED.
A DECLINE IN CEREALS
Price July Wheat Fell 10 Cents, Sep
tenber Wheat 85a-Corn and Oats
Showed Advance in Priees-Winni-
peg Stops Trading in October Grain.

Chicago, May 1.-THE low swell of
business disturbance due to the entry
of the United States into the world
war broke in a crested wave over the
leading grain exchanges of the coun-
try today. Tomorrow representatives
OF these exchanges will meet here to
discuss the situation.
To Stop Speculation in Futures.
There is among influential Chicago
grain men a sentiment that specula-
ton in futures should be absolutely
eliminated, either by complete stop
maximum price for futures. The SEN
ttnent, however, was by no means
unanimous. It was reported that the
Minneapolis delegation expected here
despite food regulation that is pro-
posed by congressman. including SEN
ator Thomas demand for the closing
of all exchanges where foodstuffs are
speculated in. Delegations are eR-
pected also from Duluth, Toledo and
Kansas City.
An Unprecedented Action.
The Chicago board of trade began
the day by taking unprecedented ac-
ton to curb speculation. Buying of
May options in grain was prohibited
and outstanding contracts were or
dered closed at or under maximum
prices fixed by a committee Of the
Der wheat was cur'bed for a period of
two days except at $2.75 or under for
July and $2.45 a bushel or under for
September. The maximum price for
closing out Ma cokS was fixed at
s1.61 IL and for May oats at 73 IL
cents a bushel
Sharp Decline in Wheat.
The result of these regulations was a
sharp decline in wheat and advances
in the coarser cereals. Net changes
for the day follow:
Wheat-July, 16 cents lower; Sep
tember. IS cents lower.
Corn-July, rs cents higher; Sep
tember, 5-S cents higher.
Oats-July. 1 1-2 cents higher; Sep
tember Ia cents higher.
Similar Action in Other Cities.
At St. Louis, Kansas City. Duluth,
Minneapolis and Toledo the boards
took action approximately similar to
declined 10 to II IA cents; at Kan
sas City, IL 1-2 to 1S cents; at Mime
aolis. to 10 cents; at Duluth, 13 to
Is cents There was a holiday at Win
day-but the board there
voted to discontinue trading in Octobc-
futures, the only one recently quot 4
ST. Louis corn advanced '5-8 to 8 3-S
cents, while the rise at Kansas City
ranged from Is to cents.
Voluntary Action.
Three big commission houses during
the day outdid the board in their ac-
tion, but their lead was not followed !
TO the extent which had been antici- !
pated. Logan & Bryan Thomson &
IcKinnon and Wagner & company |
notified their customers that until fur !
her notice they would accept no trades |
n future except to adjust existing |
1t was reported that many |
telegraph operators employed by brolx- |
srs were being warned that their ser !
vices might be presently dispensed i
with
What connection the federal govern |
nent had. if any. with the action of !
he board today was not made known. I
Special Assistant Attorney General /
Robert W. Childs Eeft for Washington
% confer on the grain situation with /
Attorney General Gregory. President
Joseph Griffin of the board conferred /
With United States District Attorney /
Cline at the conclusion of the directors !
Meeting.