The Daily Missoulian. [volume] (Missoula, Mont.) 1904-1961, 1917-05-13
Stoppage Of Trading in May
in Chicago Adds to In
certain Feeling.
TRADERS WONDERING
WHERE 1T WILL END
Some Action by Government
to Stop Ascent Is Regard
cd as Essential.


day such as the Chicago board Of
trade never saw before. traders were
would be taken, IL any, to check the
sensational upward flight in wheat
prices Minneapolis. Kansas City. st
Louis and lesser markets were asking
the same question. There was NO an
swCr. save in the resolutions OF such
bodies as the Illinois council of ma
tional defense, which urged congress
to take rigid control of the whole food
and basic commodity situation.
May wheat was lcGislatcd out of cN-
istencc by the Chicago boa rd as a "pa-
triotic duty and because of its sky
rockcting course, might in nspirc IL run
away market. AS an arrestcr of ad :
vanccs the move failed signally. At
the opening prices for July and Sep
tembcr options hesitatcd a few cents
below the previous close, but at noon
July had shown net gain of 22a to
23A cents, with final figures ranging
from s2.73 to $2.75 and September an
even more startling jump of &c to 20
cents, with last sales varying from
$2.44 to SAG.
More Than Supply and Demand.
The course of the market was best
visualized in the big smoking room of
the board where quotations from the
markets Of the world, as we'll as those
OF the home markets, are posted.
There were those watching tn,
blackboard who saw more in the fig
! ures than the cold record of the law
of supply and demand. To them it told
the story of a stricken worlds demand
for bread, the cry Of desperation from
the ruined cities ana the wasted farms
of Europe, the plea of annotated chill
| dren and the food demands of sol
diers.
1T went up like a shriek," remarked
one spcculator.
1t was something like that and tn,
shrek came from the shorts.
The opinion was expressed that q
decrease in trading might be expected
Monday and that contracts had beer
| largely evcned up and that specula tors
| would be slow to bind themselves tc
| contracts which might be affected u,
| action such as that taken with regarc
| to May opinions. a question mucl
handed about was whether If contro
of speculation in May was a goot
thing, why similar action might no
apply with equal benefit to more dc
! ferred futures. President Joseph Grit
fin of tire board said that no such ac
ton was contemplated at present foI
| in the opinion of many, wheat Of tn
new crop would begin to arrive l.,
July.
Some Action Imperative.
| That some action must be taken ha,
become increasingly apparent to til
trade. Millers complained of the pr,c
of wheat, groccrs complained of tn
price Of flour; housewives complalne
of the price Of bread and the baker,
according to an official statemcn
have been forced out of business b
the thousand.
| President Griffin went to Washing
ton to confer with Secretary Housto,
Upon his return he talked with tn
| United states district attorney. Ale
IG. Anderson, vice chairman OF tn
| British food commission, came her
land "A secret conference was held wit
board of trade leaders Thursday.
this meeting it is said to have bee
brought out that agents of the ALI,
have been long" OF wheat, as much a
| 2i 900. 900 bushels at one time in Va.
! riouS markets. They are at prcSci
said to be big owners of spot whcn
that Is, the actual wheat. There is u
disposition to accuse them of spec,
lation. They needed the cereal mo,
than they needed the money and tn.
had to bid against American miller
for IA crop which was short the wOr
over. America had to bid to keep III
own wheat and prices scared. TT
unsought profits of the allies we
| said to have run well into the million
| because of lack OF transports.