Omaha daily bee., 1917-05-15
CHICAGO GRAIN AND PROVISIONS.
Wheat OF Five Cents Because Of Ban o.
Trading for Two DAYS.

Chicago Ill, May 1i--Twenty three cents
drop in wheat prices today resulted from
sudden action Of the directors of the Board
of Trade In decreelng forty eight hours
stoppsge of all new buying OF future de-
liveries and In simultaneously fixing maxi
mum values for the settlement Of existing
contracts on July and September The eff
feet was instant paralysis of speculation.
Three minutes Of excited trading sufficed
TO close up Mrgent outstanding deals in
wheat The rest of tho day the market
acted as II chloroformed. Wide fluctuations
continued to be recorded on tho blaekhoards,
but the volume of business formed only an
Insignificant total The outcome was an UNI
settled close at lac to 1Sc net decline, with
July at $3.50 and September at $2.9s. Other
commodities than wheat all scored gains
corn SIC to SIC, oats Inc to 2Ac and pro-
visions lOc to 45c.
1t was n foregone conclusion in view OF
the drastic measures taken and Of others In
prospect to put an end to high prices that
the wheat market would plunge headlong
downgrade. The anxiety at the outset was
| chiefly as to how far the descent would go,
and the temporary rush was 10 sell out II
possible before liquidating losses were over
whelming. This purpose was accomplished
| In majority of cases quick enough to be
within lac of Saturdays finish.
Then recoveries were shown and II was
not until nearly midday that more acute
| weakness developed and purchasers were so
difficult TO find for the small amounts Of.
fered that the break widened out to an ex-
| IRENE of csc.
| Washington reports referring to n possible
| shutdown of all boards of trade were cur.
| rent at about the time the wheat market
| here reached the lowest price level of the
| DAY. Announcement of an increase OF the
| weekly total OF the United states visible
| supply happened also to coincide In poinl
OF time, but attracted little IL any notice.
Expectation that general meeting here
| tomorrow of representatives OF the grain ex,
changes of the country would find some con
servative solution that would avert radica
legislation enactments at Washington seem
tngly helped somewhat In giving the marke
relative firmness at the last.
| Sensational advances in corn and oRb
We're witnessed only to a stampede of fright
ened shorts The condition In regard I,
these cereals proved similar to what hat
been or late the rule in wheat Offering
! were so that would-be purchasers had /,
bid up the market on themselves. Cor
Jumped as much as 12sc TO the hlghes
: levels yet
D Later the market ran down with startlin
CELEBRITY when some OF the larger firms gay
notice that they would refuse for the pres
ent all new business. Tho setbacks. how
ever, were partly overcome towF I'd the In,
|, when wheat displayed some renewal c
firmness.
Provisions hardened In value with hos
and corn. Houses with foreign connection
were buyers On the whole, however. hus
!. ness was inactive and the changes in prIr
{ not beyond ordinary limits
Chicago Cash Prices--Wheat: No re-
= nominal; No, 3 red. s2,a5; No. hard. sS:
n qS.S5; No. hard, ss.l2. Corn: No. . yellow
: N.6eh Qi.6si No. 8 yellow. si.65Adi.s