The Oskaloosa herald., 1917-08-16
STOP. TRADING IN
WHEAT OPTIONS
CHICAGO BOARD OF TRADE DIS
CONTINUES TRANSACTIONS.
THE SUGGESTION OF HOOVER
Creation Of Wheat Control Board
Under the Food Administration to
Supervise Distribution Com
pleted In Washington.

Chicago, Aug. 15.-In response to a
notice from Herbert C. Hoover, food
administrator, that the government
would undertake purchase of wheat
at interior terminals beginning Sept
/, the directors of the board of trade
here voted to discontinue all trans.
actions in wheat for future delivery
after August 25, 1917.
The action was taken in view OF
the suggestion from Mr.. Hoover that
such further transactions would con-
fuse, rather than stabilize, the price.
'On Sept. /, 1917, we propose to
undertake government purchase of
wheat at interior terminals, with a
view to stabilizing the price and to
furnish a sure market for all arri-
vals," the food administrator wrote.
"In these circumstances, l feel you
will agree that trading or quotations
in wheat future will no longer serve
their fundamental purpose and that
such transactions will confuse, rather
than stabilize, the price.
Il therefore would be glad il you
would take the necessary steps to
suspend dealings and quotations in
date"
The board of directors voted that
it was the patriotic duty of the
board to comply with the suggestion.
Wheat Control Board.
Washington, d. c., Aug. 15.-Crea-
ton of wheat control board under
the food administration to supervise
the distribution of wheat was COM
pleted yesterday and the boards per-
sonnet will be. announced sometime
to-day. Detailed plans for control
ling wheat will be made known with
in few days.
julius Barnes OF Duluth, an exporter,
probably will head the new board.
Mr.. Barnes has been serving as an
unofficial adviser to Herbert Hoover
since the food administrator return
ed from Europe at President Wilson's
request to take charge of the food
situation. AS a member of the COM
mission for relief in Belgium he made
all the commissions wheat purchases
in this country.
The control of -four manufacture
will be left largely in the hands of
the mllers themselves who, it was
said, at the officers of the food adj
ministration have shown every will
ingness to cooperate with the govern
ment in remedying uneconomic meth
DDS of milling and sale of their pro-
duct. Representatives of the millers
will meet in Chicago this week to go
over the situation. Some millers, 1t
is said, are for enforcement of more
drastic rules than the food admins
tration has in contemplation. 4
Representatives of the country's
grain interests are here today for a
conference with Mr.. Barnes. At this
meeting the food administration will
explain it's proposed program for
wheat control which includes licens-
ing of elevators and the fixing of a
price to be paid the wheat grower for
his product.
The committee to fix wheat prices.
which will be headed by President
Garfield of Williams college, will COM
prise nine members Several mem
bers already have been selected and
the others will be chosen within a few
days.
Grain Corporation.
Washington, Aug. liberation of a
food administration grain corporation
with fifty million dollar capital to
conduct the government wheat crop
was official announcement today.
To carry on this gigantic great
problem the president has appointed
three committees to look after the
business. The committee which is to
buy the grain, the committee to fix
prices and the committee which is to
have the general supervision of the
entire work.