The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1917-05-12
SPECULAT|NC
IN MAY WHEAT
NOW UNDER BAN
Wiped From Chicago Board Of
Trade and Settlement Price
Fixed at $3.18 a Bushel
TRADING IN JULY AND
SEPTEMBER GOES ON
Minneapolis Chamber of Com
merce Continues Dealing in
Futures as Usual
UPWARD TREND.

Futures as Usual
,' UPWARD TREND.
Minneapolis, May 12.-Flour
prices continued their upward
trend and Fancy Patent touched
the new high point Of $17.1o affi
- barrel, 4oe above yesterdays
top figure. First clears advanced
SOC, being quoted at $14.so.
Chicago, May 12.-Thc settlement
price for May wheat wiped from the
board Of trade yesterday as a specu-
lative option was fixed today at $3.1S
per bushel the price committee headed
by James A. Patten, believing that the
proper figure because it was establish
ell by competitive bidding at the close
of yesterday. 49,.
Sensational Advances.
The most sensational advance in
the history of the present crop, II
not in all history, marked trading in
wheat today, following the withdraw
al of May wheat as speculative op-
tion Net gains of from u to 32c
were scored in July, which closed at
top of $2.75, and in September,
which closed at the high figure of
$2.46. 1t was said the Entente AL
lies we're large holders of July and
September contracts, and probably
would insist on the delivery of wheat
as called for.
SPECULATION CONTINUES
The elimination of May wheat by
no means relieves speculation in grain.
While the trade previously entered
into in this fund VISA a heavy aggre-
gate the market has been compara-
lively inactive recently. Buyers and
sellers alike We're awaiting eventu-
alities and not few expected such
action as was taken yesterday and
today. Asked if action was contemplate
ed to prevent a repetition in July OF
the May situation, Mr.. Patten said it
remained for the future to decide.
PRICES NOT DISTURBED
l., The price of July and 4 September
were little disturbed today by the price
fixing of May. July opened lac to
3 3-4c at $2.49 II to $2.46 and Sep
IL " 1to"l ~ A.lO W sr-.AI'
There are i3haitfpago,t ,tpublic eleva-
tors 219,OOO bYohekoafj Yheat required
for delivery 9nhsNas9d contracts A
rough estimate plAf3a the, amount con-
tracted for perhaps q hun4dlftfq times
that quantity. ,..-,, ".. arg =,
Thus. had not. the board of trade
INTERVIEWED probably 80 per cent Of the
contracts would have had to be set
tied at any price, even $1,000 bush
el demanded by the holders Of the con-
tracts. in trade parlance known as
"long''. They held the sellers or
"short" absolutely at their mercy.
DIFFERS FROM A CORNER
The situation differs from corner
in that the holders were scattered,
whereas in manipulated market the
supply is congested in the hands of an
individual or group of spectators act
ing as one man. AS a matter of fact.
the allied governments Though their
commissioners. held a natbfils corner.
At one time they were ~ ef29,oW,-
600 bushels in the Chicago market
They had wanted the actual grain, but
finding that the ships necessary to car
ry it abroad were not available re-
tluccd their holdings and took hand
some profit. One small European "ov-
ernlnent lost a big speculative profit
bv the fixing of the settlement nrice
today.
TO CONTINUE TRADING
Minneapolis, May 12.-rhe board OF
directors of the Minneapolis Chamber
Of Commerce decided to cOntinu" trad
ing in May wheat.
PATRIOTIC MOVE
Kansas City, May 12.-New trading
in May wheat on the local board of
trade has been discontinued under
the terms of special resolution ta.
ken by the board of directors of the
Kansas City board of trade. 1t was
explained that the action was taken
as patriotic move.
MAY CALL FOR DELIVERY.
Minneapolis, May IA. G. Ander-
son, vice chairman of the British
food commission; James Stewart,
Winnipeg representative of the COM
mission in western Canada, and a
committee of western grain men met
here today to discuss the situation.
No statement was given out after
the meeting, which was held behind
closed doors. A report was current
IN Minneapolis, co-incident with the
arrival of the British commissioners
and grain men, that in addition to
the 100000 bushels of wheat now be-
ing loaded out of the elevators at
Minneapolis and Duluth for England,
that the English government has 9th
er purchases of May wheat, which it
nurposes calling for delivery.