The circle banner. [volume] (Circle, Mont.) 1914-1939, 1919-05-09
PRICES Of FOOD
HIT BY BARNES
WHEAT ADMINISTRATOR BANS
SPECULATIVE TENDENCY
IN WHITE FLOUR
VALUES DROP LIKE PLUMMET
Threat Made to Remove import Re-
strictions on Foreign Grain.-Break
IN Grain Market Extends to
Provision Quotations

Chicago, April 3O.-Juius Fl. Barnes.
president of the Grain corporation of
| the food administration, made an as
sault on high prices yesterday which
was promptly reflected on the board
of trade in maximum decline of LIZ
cents in the prices of corn.
OF possibly more interest to the
housewife was the slump in the pro-
visions market. Pork dropped an ex-
IRENE of $3.50 per barrel, while short
rib sides, known to the breakfast
table as bacon, declined maximum of
81 per hundredweight as compared
with the close Monday.
Mr.. Barnes assault came in the
form of bulletin of announcement to
the trade. 1t abounded in technical
tiles, but its. purport was plain. to-
wit: that the speculative tendency In
white flour must stop.
Cease Buying for Export.
The president of the Grain corpora
ton announced that the corporation
would cease buying flour for export
Except first clears and victory mixed
flours) and that also it would resell
at such important centers as New
York, Baltimore and Philadelphia
flour previously bought for export
the reselling being amply safeguarded
in the interests of actual bakers and
other legitimate purchasers. He named
the price as s11.50 per barrel.
The technical portions of the bull
letin dealt with instructions to miller;
and grain men generally, but the
explanation of his action was plain to-
all:
"The purpose of this" said the bul-
letin, sis to stop the speculative fever
in the flour market before it becomes
necessary to take off all important re-
on foreign wheat and
wheat and flour if this speculative
tendency is checked"
Mr. Barnes threat, the trade real
lied instantly, had back of it the fact
that Canadian granaries and elevators
are fairly bursting with wheat at the
doors of the United States, not to
mention the vast stores in Australia
ard Argentina.
Big Canadian Supply.
1t is explained that the Canadian
supply has been comparatively little \
by export sales for the rea-
son, it is said, that Canada is not
It present in position 70 extend the
iame credit to Europe that the United
States Is. Also, it has been kept out
# the United States b. the restric
ions of the government, which is not
of the record-breaking do
nestle crop in prospect.
The government long ago, as war
MEASURE, eliminated wheat from the
peculative arena, but the fortunes of
rheat are proportionatey the for
unes of corn, oats and provisions
lso, and these staples showed the eff
ect of the pronunciamento.
The Real Break.
Prior to the bulletin the corn mar
ct had been wobbly and off few
ents for variety of reasons, includ-
* increased receipts and lower quo
atoms for live hogs. There were also
lany small buyers in the market on
mall margins. They were sold out
holesale when the real break came
! the afternoon. Prices dropped like
pfummet and were near the bottom
hen the closing gong sounded Even
fter that curb traders were reported
ffering July corn at seven-eighths of
cent under the official close, which
as at $1.53A 01.54A.