The Oskaloosa herald. (Oskaloosa, Mahaska County, Iowa) 1885-1919, 1917-05-17
BOARD OF TRADE
STOPS GAMBLING
ACTION BY SIX EXCHANGES FIX.
Es MAXIMUM PRICES,
KILLING THE SPECTATORS
President Griffin Says Problem is Sol
we'd and the Cure Found. We
Have Enough Wheat and
Some to Spare.

0SFHV ~ SPoiCs
Chicago, May 15.-The restriction in
the wheat gambling may continue UNI
til the entire July crop is marketed
This was intimated to-day by Joseph
p. Griffin, president of the Chicago
Board of Trade. The action of repre-
sentatives of the six largest grain eX-
here late yesterday, in setting a max
imum price for the July, and Septem-
Der wheat until further notice." was
accepted by the Chicago dealers and
millers as for killing the spectators
and dealt hysteria death blow"
Restriction in May corn and oats
was also set for indefinite time. In a
the boards action as declaring mar
tial law in grain dealing.
THE problem has been solved; the
cure found" he said and there seems
to be no famine in anything. We have
enough wheat and could spare some
to the allies"
"Our so called experts, have intim-
Many of the figurers of futures are
liars"
End Grain Gambling.
Chicago, May disagreement to
spread the ban on wheat buying over
the United States and Canada was
reached in Chicago at a conference Of
representatives of leading grain ex-
changes of this country and of the
Winnipeg mart.
At the conference committee of
& three was named to go to Washing
ton at once and appeal to the depart
ment of agriculture to have the fed
eral authorities leave the matter Of
adjustment of the wheat situation to
the several boards of trade of the
country.
The men named were J. H. McMil-
Ian, Minneapolis; n. l.. MOffitt, st.
Louis, and c. B. Pierce of Chicago.
The plan adopted by the Chicago
board of trade to curb wheat prices
and keep down the cost of -four was
Endorsed at the session which was
held in the board of trade building.
An indefinite ban on trading in fu-
lures was agreed on and the only new
buying allowed will be that to close
existing contracts.
The Chicago prices-$2.T5 for July
wheat, $2.45 for September wheat,
May corn $161h and May oats 1914
cents-probably will be adopted as the
standard.
The following statement was given
out:
1.-THE delegates assembled in Chica-
go May 10, 1917, comprising represent
alive millers from the southwest, the
northwest and the middle West, as
well as prominent grain merchants
from other sections of the country,
have approved of what was done by
the different exchanges in fixing maxi
mum prices, and have decided to rec
ommend to the various exchanges
be continued and the buying restricted
to the closing of existing contracts un-
til further notice.
1.-The action which has been taken,
we believe, has been very beneficial
to the public in stabilizing prices and
counteracting the hysteria that has
prevailed in this country for some
time past.
''The exchanges represented are !:
Minneapolis chamber of commerce,
st. Louis merchants exchange, Kan
sas City board of trade, Omaha grain
exchange, New York produce ex-
change, Duluth board of trade, Toledo
produce exchange, Winnipeg grain ex-
change. s-.-.
JOHN r. MAUFF,
chairman; Vice President Chicago
Board of Trade.
"E. G. ANDREWS,
"yice President st. Louis Merchants
Exchange.
&c. S. GARDENER,
"President Kansas City Board of
Trade"
July wheat opened in Chicago at
1886 and closed at 1882, IL cents less
than the closing price on Monday.
September opened at S2.26, sold down
to SIS ana el8sed at 1921, loss Of
Z to 8 cents under Monday.
Best brands of flour dropped at
wholesale from $3.50 TO SIT.
Directors of the Chicago board
adopted a resolution extending the ban
on futures trading which would have
expired today.