The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1917-05-14
Unprecedented Action to Halt
FrenZied Price kiting.
Lid On for 2 Days; May Corn
and Oats for Month.
NO CORN AVAILABLE NOW
Only $1,000 Bushels; Usually
Several Million.
Thousands of Empty Wheat
Bins in e. S. Flour Mills.

Chicago, May 14-All trading in
wheat futures was barred for a period
of two days by the Chicago board of
trade today. Existing contracts, how
ever, will be permitted to be liquid
ated at Saturdays closing prices. The
board likewise barred all trading in
May corn and May oats for the en-
tire month.
John P. Griffin, president of the
board, in announcing this action, said
it was taken after consultation with
federal agents and representatives of
the allied governments
No announcement was made as to
what will transpire after the expira-
ton of the two-day period as far as
July and September wheat is con-
cerned.
May is permanently barred.
July wheat closed Saturday at S2-75
and September at S2.46. The settle
ment price for May, which was barred
Saturday, was fixed at $3.18.
May corn closed Saturday at s162.
May oats closed at 70 II cents.
President Issues Statement
Griffin's statement follows:
''At a special meeting of the board
of directors, held this morning, it was
decided to discontinue all trading in
Nav corn and May oats 1t was fur
days no purchases of wheat whatever
will be permitted. except to iquidate
existing contracts.
THE latter action automatically de-
bars any individual. firm. corporation
or government from bidding up the
price of wheat.
THE directors further restricted the
operations in wheat by combining those
desiring to close existing contracts to
maximum price which is based on Sat
urday's close.
On Governments Advice.
THE action of the board of direc-
tors has been taken after consultation
with the accredited representatives of
allied governments. Likewise, every
step followed by US has been in CO.
operation with the officials of this gov
eminent
officers and directors of the board
held a six-hour special exclusive ses-
sion at the Union League club yester-
day afternoon. With them were the
boards attorney, Harry S Robbins,
and three of the principal grain trad
ers-James S. Patten, Howard B.
Jackson and C. B, Pierce.
Patten is said to have made the
suggestion that trading in May corn
be stopped. He said the price is alb
normal and that there are only $4,000
usually there are several million.
The price advanced to S1.62 Satur-
day, the highest known. So far this
month, no corn has been delivered on
May sales, as cash corn is 5 II C higher
than May.
There will be no more cheap
wheat" a big trader said today.
There are thousands of empty bins in
the mills, not only of the United States
but of the world at large. Wheat is
being eagerly sought in all positions
with price no consideration"
Coincident with the directors secret
meeting yesterday members of lead
ing grain houses met to discuss action
concerning new trades, the calling of
margins and other phases of the situa-
ton which call for prompt action. Of
ficers of the board of trade denied
that the possibility of government ac-
ton to control the soaring wheat
prices was in any way connected with
their consideration of the situation and
federal officials here said that no such
action is impending, as far as they
know. Before yesterdays meeting
however. Allen q. Anderson, chairman
of the British wheat commission and
vice chairman of the British food com
mission, and Herbert G. Robson, chief
grain buyer for the allied govern
ments, conferred with the officers of
the board. Both left later for New
York. Most of the leading operators
admitted today that the wheat mar
kets of this country and in fact of the
world are in such critical condition
that there must be drastic action taken
by exchange authorities to keep their
marketing machinery in good order.
Warn Members mo Trading"
The directors later adopted the fol-
lowing resolutions:
NO member shall make any pur-
chase of wheat during the period stat
ed except in liquidation of existing
contracts. Members may enter into
lContinned on Page Twol