The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1917-05-12
MAY WHEAT IS
OFF MARKET NOW.
Chicago Board Of Trade Stops
Trading in May Futures
After Conference With
Federal Officials.
MEETING WAS SECRET
Wheat Might Have Reached Price of
$40 Per BusheI Unless Some
Action Was Taken
at Once.

| UNITED Press Leased Wire Serv1ce]
/ CHICAGO May 12.-May wheat
which yesterday attained the RECORD
price OF $3.25, was off the market to
day.
officials Of the Chicago board o.
trade. which fixes wheat prices fo1
the world, stopped trading in May fu
tures last night, following confer
ence with federal authorities. A fed
eral official said today that action ol
the board prevented q rise which
might have sent wheat to 80. A spe
cdal committee will meet today to sci
a price for all existing contracts in
May wheat. For the present at least
July and September futures will not
be affected.
Directors Of the Minneapolis cham,
ber Of. commerce will meet there to
day to decide whether to follow the
action Of the Chicago board. The
crisis which brought about the un.
precedented action OF the board is
supposed to have resulted from:
Vast quantities of wheat being
bought that do not exist and cannot
be obtained;
Purchase OF wheat that cannot be
found, by allied governments. and
l IL
are credited with having sold to Euro
peen governments and others wheat
they could not get, by eastern ffnan-
ciers, who knew true conditions.
The action that resulted in closing
the May market came swiftly. Allen
g. Anderson, vice chairman of the
Royal Food Commission and R. T.
Robson, chief buyer of foods for the
common pot" that feeds Great
Britain. France and Italy, called upon
Charles F. Clyne, United States dis
trict attorney early yesterday. They
were joined later by Robert W. Childs.
special assistant attorney general In
charge Of food Investigations.
This meeting was secret and what
transpired there cannot be ascer-
tanned. The Englishmen, 1t is known,
came direct to Chicago, from Wash
ington.
At the conclusion of the secret
conference, officials Of the board of
trade were summoned. John r. Mouff.
first vice president; J. j. Stream, Sec
ond vice president; ]. c. F. Merrill, ].
Hubert Ware and Roderick McKinnon
responded.
They were closeted with Clyne and
Childs for three hours. This confer
ence also Is cloaked in mystery. It
Is not known whether the federal Off
cials employed threats or appeals to
patriotism.
Last night. Joseph P. Griffin, presi-
dent of the board, who earlier in the
day had been ordered to bed by his
physician, was called and with his
own hand signed the notice stopping
trading. He also appointed a COM
mittee consisting of James A. Patten,
A. Stamford White and Hiram Sager
to fix the settlement price.
Griffin issued formal statement,
saying in part:
IT should like to emphasize that
speculation has nothing whatever to
do with the action Of the board of di
rectors, or is speculation in any sense
for the high prices pre-
vailing for May wheat or the cash
article. Generally speaking the spccu-
lator is not interested in May wheat.
his operations being confined to the
future. 1t may safely be stated that
practically the entire interest in May
wheat is restricted to farmers, grain
dealers, millers and foreign govern
ments.
"The recent hysteria over the food
situation has caused a stampede by
in every direction, and
while it is regrettable, it is never
theless a fact that even leading gov
of Europe seem to have be- !
come fearful as to their future re-
quirements.
I'VE are but a market place
therefore the action of the board does
not interfere with the freedom of |
contract on the part of either the indi
vidual or the government, but COM
pels those requiring wheat for imme
diate consumption to make purchase |
from farmers and grain dealers"
No Action Taken.
MINNEAPOLIS, Mimi, May FL
The board of directors of the Mime !
apolis Chamber of Commerce meet |
ing at a. m, today, took no action
On the proposal to prohibit trading |
In May wheat as a means Of prevent |