Omaha daily bee., 1919-04-30
P PROVISIONS IN
SLUMP At SAME
Time CORN DROPS
Housewives Find Some Con.
ISOLATION in Result Of An
nounced Decision Of Grain
Corporation Head.

CONTINUED From Page One.)
at present in position to extend the
same credit to Europe that the
United States is. Also it has been
kept out of the United States by the
restrictions of the government which
is not unmindful of the record-break-
ing domestic crop in prospect.
The government long ago as a
war measure eliminated wheat from
| the speculative arena, but the tor
tunes of wheat are proportionately
the fortunes of corn. oats and pro-
visions also, and these staples show
ed the effect of the pronunciaments.
Corn Market Wobbly.
Prior to the bulletin the corn mar
ket had been wobbly and off few
cents for a variety of reasons, in
GLIDING increased receipts and low
err quotations for live hogs. There
were also many small buyers in the
market on small margins. They
were sold out wholesale when the
real break came in the afternoon.
Prices dropped like plummet and
were near the bottom when the clos
ing gong sounded. Even after that
curb traders were reported offering
July corn at seven-eighths Of cent
under the official close, which was
$1.53A to $l.54A. 49,
Milling Protected.
New York, April 29.-Comment-
ing on his notice that government
purchases Of white" flour for ex-
port would be discontinued. with a
view to stopping speculation, Julius
H. Barnes, federal wheat director,
announced through the food admin
istration grain corporation today
that the speculative tendency
threatened unless checked, to carry
-four prices above their proper re-
Election of the federal resale price
of wheat.
Under the government resale
rates, the statement said, legitimate
milling was protected for fair re-
turns. Since there, was in the hands
of American millers, or directed by
them. it continued, 100000 to
100000 bushels of wheat, only
part of which probably was directed
to -four users, the present sharp ad-
vances in -four prices were not fully
warranted" if they were continued
the announcement asserted, import
restrictions would be relaxed to per-
NIT foreign wheat and -four to enter.
Today's warning to spectators
was the second issued by Mr..
Barnes Office this month.
Flour Rise Not Justified.
St. Louis, April Recommending
on the tremendous price smashing
that took place on the Chicago board
of trade. today, julius H. Barnes,
federal wheat director, tonight in a
statement to the Associated Press,
said the government will discon-
tinue,. until further announcement,
export purchases of wheat as a pre-
ventive Of speculative boarding.
Mr.. Barnes. who arrived tonight
to attend the United States Chamber
of Commerce convention, declined
to discuss the corn situation, saying
that branch Of the administration
was not under his jurisdiction.
His statement follows:
"The steady advance in the market
price of -four is not justified by any
scarcity, actual or impending, as
reserves have been carefully pre-
served for the demands of the coun-
try.
"The mills are grinding 100000
bushels of -four weekly, while our
domestic consumption does not ex-
coed 100000 bushels. 1t is there
fore a simple problem to offset any
speculative boarding of -four. to dis
continue export purchases.
"The grain corporation fortunite-
ly, is supplied with sufficient food
stocks to carry out its obligations,
including the large relief program
abroad; and is able to and will dis
continue wheat flour purchases for
export as long as domestic prices
| make this desirable"