Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1917-05-12
CHICAGO BOARD OF TRADE PUTS
CHECK ON GAMBLING IN
GRAIN FUTURES.
DIRECTORS ACT AFTER
WARMING BY OFFICIALS
Action Regarded as Step Toward Fed
eral Fixing Of Maximum Prices For
Foods-vast Quantities Of Wheat
bought" That Docs Not Exist-Ap-
peal Of Allies Has Effect.

Chicago May 12,-Trading in May
wheat was stopped short yesterday by
| the Chicago board Of trade. 1t is the
| first time that such step has ever
been taken on the Chicago board,
| which fixes the price Of wheat for the
world. 1t is regarded as possibly a
first step toward the predicted regu-
lation or limitation of maximum prices
for basic food products.
At a meeting of the directors Of the
board it was decided existing contracts
must be adjudicated by delivery OF
wheat or by settling price TO be
agreed upon by committee.
A federal official said the action OF
the board prevented flight which
might have brought $40 wheat.
Swift in Decision.
The action that led to the closing OF
the May market came swiftly. early
in the day Allen G. Anderson, vice
chairman of the royal food commits
sion, and r. T. Robson, chief buyer OF
foods for the common pot that FEEDS
England. France and Italy, called upon
Charles F. C1yne, United States dis
trict attorney. Robert W. Childs, spe-
cial assistant attorney general in
charge of food Investigations, was
called in.
What happened at this conference
not a man present would dlvulge. But
II is known the Englishmen came 10
America on a mission and they have
fund &c :n.c r:aa:!2n. Also. they came
to Chicago direct from Washington.
Board Chiefs Sent For.
When the secret conference was oven
Mr.. Clyne sent for officials of tn
board of trade. Those who appeare"
are John r. Mouf. first vice president.
J. J. Stream: second vice president: j.
G.. F.. Merrill. j. Hubert Ware. and
Roderick Mckinnon. For three hours
they were closeted with Clyne and
Childs.
Again a veil of mystery is drawn
over the actual words spoken. II is
not known whether threats were used
or whether pleas to patriotism were
made. The men went out. Joseph r.
Griffin. president of the board of trade,
who earlier in the day was ordered to
bed by his physician, was called.
with his own hand he signed the
HOtE6 stopping tnc tIduhis. T'"o 49,
appointed a committee composed OF
James A. Patten, A. Stamford White.
and Hiram N. Sager to fix the settle
ment price. 1t is probable that an
other meeting of the directors will be
held today. For the present. at least.
no other futures will be affected.
Leads to Crisis.
The crisis that brought about the
unprecedented action is supposed to be
this:
Vast quantities of wheat have been
bought that do not exist and are un-
procurable.
Allied governments have bought
wheat that cannot he found.
Eastern financiers, knowing true
conditions, have 'mopped up" millions,
mulcting the westernens who are
credited with having sold to the Eu-
ropean governments and others wheat
they could not get.
Letter Gets Revenue.
One story is that Joseph Letter has
at last got his revenge. winning from
81, 900. 900 to 100000 on the long side
of wheat. and partly evening the score
for his unmerciful losses at the wind
up Of his famous wheat deal of 1898.
Jesse Livermore, the New York stock
plunger, is said to have profited ST.
000, goo on the bull side with cotere
Of eastern spectators also big winners.
A number of cotton traders, close to