Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1917-05-18
GRAIN GAMBLING
is ELIMINATED
Action Taken by the Exchang-
es of the Country Will Fore
stall Action by the Govern
ment, and Stop Rise in Wheat.

Chicago-Action which it is sai,
will remove the element of spccula
tion from the grain market and whicl
it is believed, will forestall any step
by the federal government, was takel
here today at a meeting of repre-
aentatives of the promary grain ex
changes of the country.
1t was accomplished by fixing ;
maximum price for wheat futures al
or under which sales may be made
but no buying will be permitted ex
cept to close out accounts. No trad
ing i'll May options of wheat, corn OF
oats-is permitted except to close deals
The same principle was extended tc
July and September oats and corn in
principle, but action was not taken
as it was held unnecessary at this
time. The delegates simply agreed to
extend the embargo if necessity aris-
eS.
Grain were lower as result.
Milling interest were represented
at the meeting, and the grain ex-
changes of Chicago, New York, To-
ledo, Winnipeg, Minneapolis, Kansas
City, Omoha and st. Louis. The fol-
lowing statement of the proceeding
was issued:
Statements of Causes.
&c tba pnpconc,c Df or;,,.o,, -
the representatives of the various
boards of trade and chambers of
commerce assembled that the high
prices are due:
81. Subnormal production of grain
and foodstuffs generally the world ov-
er during the preceding year and the
very unfavorable outlook for the
growing crops as forecast by our ag-
ricultural department.
80. To the breakdown i'm the sys-
lem of distribution because of the
inability of the railroad companies to
render normal OF efficient srevice, the
relation of supply to- demand being
SO close that extremely good facili-
ties should have been available when
in fact the railroad never in their
history renercd service so low in eff
fciency.
"3. With over half the world at
war the demands from all importing
countries are about normally high
This intensified by our own industrial
activity, naturally has increased the
demand for footlstuffs.
4. To the very commendable efforts
Of the officials at Washington to
stimulate production which have been
misinterpreted not only by our own
people, but by foreign goverdnments
ms meaning that we were in condi-
lion bordering on famine. Natural
conditions admitted of high prices,
but the hysteria is absolutely respon-
sible for the inflated values now pre-
vailing.
Speculation Not Blamed.
while these extraordinary condi-
tions have temporarily disarranged
our grain markets, it is the unani-
nous opinion that the system of
handling grain in the usual course
through boards of trade and chambers
of commerce is the most economical
method of handling the business and
while speculation has been more or
less prevalent it has little to do with
present conditions. 1t must be re-
membered that these great market
places are the developmn eof thous-
nnds of years of experience and are
the only means known of distributing
farm producst of this country, and
until better substitute has been de-
vised, their operations should not be
interfered with.
"The action of the directors of the
Chicago Board of Trade and the 9th
er exchanges in fixing the maximum
price of wheat and the restrictions
limiting the buying to the closing up
of existing contracts has been unani-
mously approved by the delegates and
representatives of the millers assem-
bled and action has been taken con-
tanning these maximum prices and re-
strictions until further notice.
Exchanges are also prepared to
take similar action with regard to
corn and oats should necessity arise"