Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1917-05-18

OF defense. composed of 10 of the most
prominent business and professional
men of Illinois. today adopted resolu-
lions urging congress to enact at once.
as q measure of the utmost necessity.
law creating a commission for the alb
solute control of food stuffs. fuel and
other basic commodities.
Chicago. May 14-The most
sensational advance in the history
of the present crop. if not in history.
marked the trade in wheat today
when net gains ranging from - to
81 cents We're scored in the July
and September options.
july hoa closed Yesterday at
s2.4G. To-day ii closed at S2.73M2.13.
September. which closed the pre-
vious day AT s2.l4. closed with bids
ranging from s2.44M2.46.
Chicago. May lt.Tlic decision of the
board of trade of Chicago 10 terminate
trading in May wheat and the fixing
of the price of that option at SAILS by
&; committee" which met this morning,
had practically no effect on speculation.
For weeks new business in MAJ
wtleat had been comparatively slight
and what there Was simply ar""ued to
the 1ncrc distant futures when t~ra.lin.
was resumed today. After hesitating
at the opening Ni,h prices slightly rn-
der Yesterdays lose. JULY When, shot
up lac and September l4l.r from TIE
early bottom.
Made To Check Profits.
The action of the board i'm ma way.
applied TO these options and lrauin. in
them WAS activ" and fevcrish. July sold
to $2.t1. aud September 10 $2.2S14. In
effect the FIXING of the May price WAS
to save shorts from fu,lileY losses and
IN nrnVant thu. lnnoS ,,nn, th,1t1
representatives, OF the lllied snvcin-
ments. from obtaining further profits.
The settlement price, however. permit,
of handsome .ains ON whea, bought
even two weeks ago
There was no promise in The resolu-
be repeated in July or oven September.
The resolution adopted by the iuiiii
read:
There is comparatively little wheat
in Chicago or territory contributors
thereto and available for delivery "l4
May contracts"
This statement was said 10 .lrvr
stimulated some buying. Ifie operations
of agents for the allies wls not referred
to as Speculation.
Those with May contracts are n"il-
fled to close them by May IL. ii rnl
closed the board will assume that the
actual wheat is ready for delivery tal'-
ure, IN Such cases. 10 denver, VIII cp't-
stitute Il grave offenS" against n
board and will be penalize1 rs au,!i.
according TO the resolutions.
Oversold 100 Times.
The price committee. of which Jane s
a. Patten was chairman. me an hour
before the opening of the board AMI
fixed upon S3.1S MS the proper price i"f
the reason that this Was t'ic fieur" IS
tablished by competitive bidding at the
close yesterday.
There are in ('hicag" public elevators
219, 900 bushels OF wheat of the graoc
required for delivery on contracts. y
rough estimate places the a,nount ON
tracted for at perhaps q hundred
times that quantity. Thus. had not the
board interviewed. probably SO per cent.
of the contracts would have had To be
settled at any price. even $40 a bushei.
demanded by the holders of the con-
tracts. in trade parlancc known as
shorts" absolutely at their mercy.
New Kind OF Corner.
The situation differed from q corner
in that the holders We're scattered.
whereas in Il manipulated corner the
supply is congested in the hands of an
individual. or "A group of spectators
acting AS one man.
AS Il matter of fact he allied govern
Dakota lack Tar