The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1917-05-14
SUSPEND WHEAT
TRADING Z DAYS
THE CHICAGO GRAIN BOARD ALSO
SHUTS DOWN TRAFFlcKlNG
IN MAY CORN AND OATS.
WHEAT TAKES DROP
Extreme Declines OF From Nine to
Twelve Cents in July and September
Follow Order Of Roard--Existina
Contracts Liquldated.

Chicago May 1t.--All trading in
wheat except to close up existing con
tracts was ordered stopped for two
days by directors nf the board OF trade
today Saturdays closing figures were
given as the maximum at which settle
ments may be made. All trading in
corn and oats for May delivery was
ordered discontinued, May wheat was
eliminated last Saturday.
The period of two days FOR the ces-
sation Of trading was given to give
time for representatives OF the boards
of the country to come here for a
meeting to discuss concerted action
to curb the runaway tendency of grain
prices. kilograms were sent last
night urging the boards to have rep.
resentatives here by tomorrow.
Extreme declines of from 9c.to 12c
in July and September wheat came as
result Of the order of the board.
Issue Official Statement.
The official statement by President
Griffin follows:
"At a special meeting of the board
of directors held this morning It was
decided to discontinue all trading in
May corn and May oats. 1t was fur.
ther decided that for a period of two
days no purchases of wheat whatever
will be permitted except to liQuidate
existing contracts. The latter action
automatically debars any individual,
firm, corporation or government from
bidding up the price of wheat The di.
rectors further restricted the opera.
tion in wheat by confining those deal.
ers desiring to close existing con.
tracts to maximum price, which is
based on Saturdays close.
"The action of the board has been
taken after consultation with the ac.
credited representatives. OF the allied
governments. Likewise every step
followed by us has been in cooperation
with this government"
Closing prices last Saturday for
wheat were: July 2.S3 to 2.75; Septem.
Der 2.44 to 246. Corn-May S1.61h;
July $1493s to 1.49A; September
S1.413s to 142. 0ats-May 73lhc;
July 67lI to 67h; September 5Sc.
Much of the business suppressed in
wheat was transferred to the corn and
oats pits WI re sharp advances were
scored. Jul~ corn. rose 79s cents 20
$1.5S; September II cents to S1.53h.
In oats, July rose 6Ac to 73lhc. and
September cents to 63c.
Trade in provisions was normal, as
none Of the rules applied to hog pro.
duct.
The directors also prohibited trading
in indemnities, known also as bids
and offers" and years ago more com.
monty as puts and calls"
Brokers to Cease Trading.
Grain brokers themselves. irrespect.
i've OF action by the board of trade,
are expected to cease handling specu.
lative grain accounts by night Three
of them this forenoon announced that
until further notice, they would ac.
cept no trades in wheat, corn or oats
options except to sell or to close ex.
isting contracts. The three firms were
Logan & Bryan, Thompson.McKennan
Company, Wagner & Company, and
VhhNA bb hbhNtN NfAf odlu W nave
similar action under consideration.
Smaller houses, some expected, would
have to fall in line.
A committee fixed the settlement of
May corn at S1.61 and May oats at
1874 the closing figures of Saturday.
Advice to patriots"
Charles ID. Pierce. chairman of the
committee, came straight from the
meeting to the big brokerage house
of which he is president, walked to
the blackboard, in frent of which a
score of spectators were watching
quotations, and wrote In bold chalk:
Patriots who are long of wheat
should sell same at once"
The elimination of trading I'm fu.
lures, II made permanent, would, II is
said, affect grain commission houses
very gravely. Many of them are un
der heavy expenses, particularly for
good of miles of leased wires and the
cessation of trading for even a day
is expensive. On the other hand, II
is said In the street, that mandatory
closing certain contracts at a fxei
maximum price will clear the atmos.
phere for some of them where the big
advance of Saturday wiped out the
margins of clients who, tempted by
the high price, were short of the mar.
ket
Big Question Looms.
One big question loomed before all.
VIII all trading in futures : barred
for the remainder of the NC? The
fate Of measures introduced In con.
gress along this line is being watched
with striking interest.
Brokerage houses in pursuit OF their
desire to cease speculative trading.
began dismissing telegraph operators.
hundreds Of whom are employed. and
lesser clerks. The wheat pit by noon
was practically deserted. Prices, on