Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1917-05-15
WHEAT TRADERS
LOOK FOR BAN ON
ALL SPECULATION
Government Will Fix Prices
or Chicago Board of Trade
viii Forbid Speculative
Deals, Is Belief,


CHICAGO, MAY 12.-All wheat spec
ulation may be stopped on the Chicago
board Of trade-the grain market of the
world This was the consensus of opin-
ion among traders tonight.
Either the government will fix grain
prices. il is believed, or the board will
take action forbidding speculative deals
in July and September futures, similar
to- that which put a quietus on May
trading.
When board officials. following a
conference with federal officials and
representatives Of che allied govern
ments. forbade trading in May wheat
spectators tore into July and Septem-
her futures, sending those deliveries
kiting. July went up IS cents TO $2.75
and september 81 cents to S2.46.
The high wheat prices here were hav-
ing their effect on other grain markets
and flour prices, which in turn affect
bread prices.
The sensational market Of the past
week has bred innumerable rumors Of
fortunes made and lost, millions of bush
els of wheat sold" that never exist
ed. and impending failures.
The committee selected by the Board
TO fix the settlement price of May de-
liveries decided on $3IS-yesterday's
closing price.
1t was confidently stated that if the
board had not taken this drastic action,
May wheat might have been forced TO
$40 a bushel-to the ruins of scores
of shorts" and exposure of probably
the biggest wheat scandal" in his
tory.
PRICES SOAR.
May wheat closed week ago today
at S2.7Sl-2. Monday it closed at
s2.S3 Ia. 1t rose successfully TO S2.97,
$311. S3.15 and $3.1S. attaining its high
mark of 1928 yesterday.
July and September scared in SYM
patty with May, July was quoted at
S2.24 IL on last Saturdays close. To-
day il opened al $2.47, but at the close
had jumped 10 $2.75.
September was quoted at $l.S9 "a last
Saturday. Today it jumped from SAILS
at the orening to $2.46 at the close.
Corn and oats went right along up
with wheat. May corn closed last Sat-
urday at $l.53. 1t climbed TO S1.61 II
al today's close
July and September were quoted at
S1443-S and $l.36 3-S respectively, last
Saturday. They closed today at $l.49 81
and S1.42. Secretary Houston's admoni'
zion TO the nation to "eat more corn" is
At the close of a day such as the Chi
caso board of trade never saw before,
traders were asking one another what
measures would be taken. TO check the
sensational upward flight OF wheat
prices And i'm other markets-AIin-
neapols ausas city. st. Louis and lesser
bourses-the same query was being put
The course of the market was best Wis
ualized in the big smoking room of the
board where quotations from the mar
kets of the world, as well as those Of
the home market are posted.
There were those watching the black
expected to have its effect on the corn
market next week
board who saw more in the figures than
the cold record of the law of supply ana
demand To them IL told the story of 4
stricken worlds demand for bread, the
cry of desperation from the ruined CT
ties and the wasted farms in Europe, the
plea of en.aciated children and the saw
age hunger of soldiers.
The imperturbable marker at the
blackboard wrote: Two ffty-hye,'
then "2.57-2. 6O-2.63 ID" and presently
at the summit of the wave "2.75,' or
% IA cents higher than yesterday.
In the massive trading room, with its
octagonal pits wherein the brokers and
their clerks were clamoring for wheat
WnlCn was not TOT SAFE. IllShtI dllu sun
higher went their bids. but those with
wheat were indisposed TO sell it, and
there were few who would take chance,
even al the top. of selling short. Prices
continued their ascent until the shorts
had covered" and taken their losses,
probably very heavy in many cases.
The opinion was expressed that the
day pretty well drove i'm this interest,
and that a decrease in trading might be
expected Monday; that contracts had
been largely evened up and that specu-
lators would be slow to bind themselves
10 contracts which might be affected by
action such as that taken with regard
to May options
President Joseph Griffin. Of the
board was in constant touch with
Washington. he said, and with the
United states district attorney here.
What part the federal government play
ed i'm the boards future action is not