The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1917-05-16
TAKE ACTION
TO PREVENT
SPECULATION
Maximum Prices for Wheat
Futures Fixed at Chicago
Meeting
.WOUL DFORESTALL
FEDERAL ACTION
;, The Problems are Solved
and Cure Found" Says
Griffin
(By Assoc,ijated Press.l )

Chicago, May 16.-Action which IL
is said, will remove the element of
speculation from the grain market and
which it is believed will forestall any
action by the federal government was
taken here yesterday at meeting of
representatives of the primary grain
exchanges of the country.
1t was accomplished by fixing a
maximum price for wheat futures at
or under which sales may be made,
but no buying except to close out ac-
counts. No trading in May options
of wheat, corn or oats is permitted,
except to close deals.
The same principle was extended to
July and September oats and corn in
principle, but action was not taken,
as it was believed unnecessary at this
time. The delegates simply agreed to
extend the embargo IL necessity arises.
Milling interests were represented
at the meeting and the grain ex-
changes of Chicago, New York, Toledo,
Winnipeg, Minneapolis, Kansas City,
Omaha and st. Louis. The following
statement of the proceedings was is
sued:
'It is the consensus of opinion of
the representatives of the various
boards of trades and chambers of COM
merce assembled that the unusually
thigh prices Gre due:
ITO the subnormai production OF
grain and foodstuffs generally the
world over during the preceding year,
and the very unfavorable outlook for
the growing crops as forecast by our
agricultural department.
"2-To the breakdown in the system
of distribution because OF the inability
Of railroad companies to render nor
NAL or efficient service.
"3-With over half the world at war
the demands from all importing coun-
tries are abnormally high. This in
tensified by our industrial activity ma
turally has increased the demand for
foodstuffs.
"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 governments as
meaning that we were in a condition
bordering on famine. Hysteria is abso-
lutely responsible for the inflated
values now prevailing. While these
extraordinary conditions have tempor-
arily disarranged our grain markets,
1t is the unanimous opinion that the
system of handling grain in the usual
course through boards OF trade and
chambers of commerce is the most
economical of handling the business
and while speculation has been more
or less prevalent it has little to do
with present conditions. 1t must be
remembered that these great market
places are the development of thou
sands of years of experience and are
the only known means of distributing
farm products of this country, and uTl-
til a better substitute has been de-
vised their operations should not be-
interfered with"
]. p. Griffin, president Of the Chi,
cago board of trade, in an interview
by G. e. Lewis & Co. said:
THE problems have been solved, the
cure found. We have established max
imum prices, killed the spectators
and dealt hysteria a death blow. News
papers. grocers, college professors and
school teachers can help most by shut
ting up.
There is not any famine in any
thing. We have enough wheat and can
spare some to the allies. Our socalled
experts have intimidated the govern
ments all over the world and have ter
rorized them. The most OF the figures
and the figurers are liars. Farmers are
loosening up, they have got grain III
we could only get better service from
the railroads. For months we have
been pleading with the government to
order q preference in the moving of
foodstuffs. So far neither the authori-
ties nor the railroads have responded.
Coal and steel are the things that
move. Profit, not foodstuffs. has been
given the preference. We are going to
act and act boldly. What we are do
ing is revolutionary and perhaps in
violation of contractual rights, but we
have declared military law"