Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1916-1918, 1917-05-15
CORN CLIMBS
WHEN WHEAT
TRADES STOP
Boards and Brokers Unite
in Effort to Curb
Wild Market
CONFERENCE TO FIX
POLICY FOR FUTURE

here today by directors Of the board OF
trade and by grain commission houses
acting independently.
The most important action was TAX
en- by the brokers themselves Three
Of the biggest houses announced that
until further notice they would accept
no buying orders for wheat, corn, oats
or provisions. Others promised SINH
lar action.
CORN PRICES BOOSTED.
The board Of trade followed up its
action OF Saturday in eliminating spec
ulation in May wheat by forbidding 1t
in May corn and oats. 1t also prohib-
ited trading In July and September
i wheat until Wednesday pending con-
ference of grain exchanges called to
take place here tomorrow. Similar
action was taken by the exchanges at
Minneapolis, Kansas City. Toledo and
Duluth Traders by the boards ruling
were allowed to sell futures and to ad-
Just existing trades at prices under a
maximum Of $1.611s for May corn and
73Mc for May oats. The maximum on
May wheat was fixed Saturday at
33.1s.
Tho result on prices Of the various
rulings was to send wheat prices down
% to "a cents during the forenoon
while corn advanced 7sa to IL cents
and oats cents.
STATEMENT EXPLAINS ORDER.
The official statement Of the Chicago
board Of trade follows:
"At special meeting of the board
of directors held this morning It was
decided to discontinue all trading In
May corn and May oats. 1t was fur
ther decided that for a period Of two
days no purchases Of wheat whatever
Will be permitted except to liquidate
existing contracts. The latter action
automatically debars any individual.
firm, corporation or government from
bidding up the price of wheat. The
directors further restricted the opera
tion in wheat by conflning those deal
ers desiring to close existing contracts
to maximum prices which is based on
Saturdays close.
1.-The action Of the board has been
taken after consultation with the ac.
credited representatives Of the allied
governments. Likewise every step fol-
lowed by us has been in cooperation
with this government"
THE SETTLEMENT PRICES.
Closing prices last Saturday were:
Wheat, July. $2.7S to 2.75; September,
244 to 2.46.
Corn: May s161k: July. s1.4sss to
$1,49A; September, $1.41H to s1.42.
Oats: May, 73hc: July, 67A to
671sc; September, 5sc.
The resolutions of the directors. in
accordance with the order stopping
trades were given out after a state
ment Of the facts had been formally
made
PUTS AND CALLS BANNED.
The directors also prohibited trad
ing in indemnities. known also as "bids
and offers and years ago more COM
monty known as puts and calls
Secretary Merrill. Of the board. read
the various resolutions in the great
trading hall from the visitors gallery
He concluded Just moment before
the gong announced the resumption OF
trading. The traders flocked into their
pits and for a few moments trading
It's normal aspect of vocifer
alton and activity. It was hut the fash
the evening up Of trades
under the order and in few minutes
practically no business was being tran
sacted.
WHEAT sLUMPS; CORN RISES.
July wheat slumped an extra 12
cents to s2.6s and then reacted to
$2.70. September fell off SC to $2.37
and recovered to $2.40.
Much Of the business suppressed In
wheat was transferred to the corn and
oats pits where sharp advances were
scored. July corn rose 73s cents to
s1.5s: September. II cents to $1.53H.
In oats July rose 8I cents to 1916
cents and September cents to 63
cents.
Trade in provisions was normal as
none Of the rules applied to hog pro
duct
"PATRiors SHOULD SELL
A committee fixed the settlement
price of May corn at 81 s11s and Nav
oats at 73lbc. the closing agrres Of
Saturday Charles p Pierce. chair
man of the committee. came straight
from the meeting 10 the big brokerage
house of which he is president, walked
to the blackboard on which a score OF
spectators was watching quotations
and wrote in bold chalk:
Patriots who are long of wheat
should sell same at once"
BROKERS QUIT TRADE.
Grain brokers themselves irrespec-
tive of action by the board Of trade.
are expected to cease handling specula-
tive grain accounts by night. Three Of
them this forenoon announced that
until further notice they would accept
n, trades in wheat corn or oatS Op-
tions except to sell or to close up ex-
listing contracts, The three firms were
Continued ON PAGE 81