Missouri Valley times. [volume] (Missouri Valley, Iowa) 1874-1931, 1917-05-17
,Top spEouLAr,ow IN WHEAT

iSYop CIRCULATION IN WHEAT
Stop reckless speculation in the
life-bloed of the world--wheat.
stop gambling in the thing on
which the safety of our national
cause greatly depends. The
thing has gone far enough. Ii is
thine to call an immediate halt. In
view of the present state of af-
fairs talk about the economic
function of speculation is the
merest rot. Stop all gambling in
food products!
1t is a condition. not a theory,
THAT confronts the couniry--and
1.-THE conscience of the individual.
The United States is not on The
verge of famine. There is no
tjust relation between the dizzy
heights to which wheat has been
! forced and either the actual or
irrespective condition. 1t as
,sumes more. and more the pro-
portions of a national calamity
without reason.
The directors of the Chicago
Board of Trade have wisely taken
note Of the situation Yesterday
they prohibited further trading on
the board in May wheat. II is
their business now TO consider
what is to be done about trading
in future deliveries. The board
of trade has as little desire as
any other to become either the
whiting or unwilling instrument
iof a proceeding that strikes at
the national welfare and the
Worldwide cause of humanity.
The government has also and
wisely taken note of the wheat
situation. An investigation, it is
said, is already in progress.
The situation powerfully re-
ienforces the demand of Herbert
G. Hoover in yesterdays Herald
THAT the government be imme-
! diately given the power of food
control--the power to extend to
the fixing of maximum and mini
mum prices and to other ptecau
tons which may he required. As
suredly the nation must be put in
q position in which the temporary
fever of speculation, the ground
less apprehensions of buyers, and
reports of a possible future
shortage will not be permitted to
produce a price initiation out of
all bounds.
| AS Mr.. Hoover emphatically
stated, there is little to Justify
the frenzy reflected in wheat at
1926 per bushel and flour at SIG
per barrel, with prospect of 500
unless a curb is applied. 1t is in
telligible but not justifiable. 1t
is familiar fact of experience
that the prices of necessities,
under the Influence of apprehen-
sion and competition, rise out of
all proportion to actual or pros
pective shortages. A 40 per cent
shortage, with everybody bidding
for his normal supply against
everybody else and fearing to be
left out in the cold. may produce
price advance OF 100 per cent
very readily. Spurred on by spec
ulation, the heights to which this
tpgCocess can carry prices can
hardly be predicted.
Against this tendency the no.
tential or actual exercise of gov
ornamental power to control the
food situation should act as a
salutary check. It could restrain
the frenzy of competition, specu-
latiye and otherwise, from carry
ing prices to dizzy heights that
represent rather the fears of the
! great multitude Of purchasers
rather than the proper balance of
supply and demand. In this there
would be neither injustice nor
bad policy. In times of war its
justification in theory and prac-
tice is complete. Other nations
have come to il in the end. We
|are fortunate to be able to take
precautions at the> start.
Stop specializing in the life
blood of the world!--Ghicago
Herald.
STONE OPEN EVENINGS.