Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1919-04-30
..:::22FAT BREAK IN
GhAIN PRICE ON
CHICAGO MARKET
STARTL.ES TRADE:
Corn Closes More Than Ten
Cents Under Close Of Day
Before and With Tone of the
Market Very Weak,
PORK DROPS S1.30
DURING THE SESSION
Notice of CurtaiIment of Gov
eminent Purchases for Ex-
port Is Great Assistance to
Downward Trend,

tsY MORNING JOURNAL spEeiNL EAsyu wiEKl
Chicago, April 29.--Julius II.
| Parues, president of the grain corpo-
ration of the food administration,
made an assault on high prices today
which was promptly reflected on the
board of trade in a maximum de-
cline of 1lh certs in the price Of
corn.
| OF possibly more interest to the
! housewives was the slump in the pro-
visions market. Pork dropped an
| extreme $3.50 per barrel while short
rib sides, known to the breakfast ta-
| BILE as bacon declined max mum OF
! $l.00 per hundredweight as compared
1 with the close yesterday
Mr., Barnes assault came in the
form of a bulletin Of announcement to
the trade 1t abounded in technicali-
ties. but its purport was plain to-wit.
| That the speculative tendency in
white flour must stop.
As an earnest of his intention, the
| president of the grain corporation an
| nounced that the corporation would
cease buying flour for export (except
| first clears and Victory mixed floursl
and that also It would resell at such
| timore and Philadelphia, flour pre-
| viously bought for export He named
the price as "$l1.50 per barrel"
| The technical portions of the bulle-
tin dealt with Instructions to millers
and grain men generally, but the ex-
! planatlon of his action was plain TO
! all.
To Stop Speculation.
The purpose Of this said the bull
letin "is to stop tho speculative fever
| in flour before ii becomes necessary
to take off all import restrictions on
| foreign wheat and flour. for there is
plenty of American wheat and flour
| II this speculative tendency IS
checked"
Mr.. Rarnes' threat. the trade real
/ lied Instantly had back of it the fact
that Canadian graineries and elevators
are fairly bursting with wheat at the
door Of the United states, not to men
tlon the vast stores m Australia and
Argentina.
It is explained that the Canadian
supply has been comparatively little
impa red by export sales for the rea.
son. it is said, that Canada is not at
present in a position to extend the
same credit 10 Europe that the United
states IS. Also ii has been kept out of
the United States by the restrictions
of the government which Is not un-
mindful of the record breaking do
mestic crop in prospect
The government long ago as a war
measure, eliminated wheat from the
speculative arena hut the fortunes of
wheat are proportionately the for
tunes of corn, oats and provisions also,
and these staples showed the effect of
pronunciamentos
Prior to the bulInt ~ tho ror,
OF has been wohbly and off few cents
for a variety of reasons including in
creased receipts and lower quotations
for live hors They were sold out
wholesale when tho real break came
in the afternoon. Prices droDned like
a plummet and wcr.. rear the bottom
when the closing gong sounded Even
after that curb traders were reported
offering Iulv corn at rs OF a cecnt
offering Julv corn at rs of cent
s1.55% to s1.54 Ia.
Nav Remove Restrictions.
New York, April Recommending
on his notice that government pur-
cbasos of white" flour for export
would be discontinued with a view to
stopping speculation julius n Barnes.
federal wheat director announced
through the food administration grain
CORPORATION today that the speculative
tendency threatened. unless checked.
to carry flour prices above their
proper reflection of the federal re-
sale price of wheat.
Today's warning to sneculators was
the second issued by Mr.. Barnes Of
flee this month.
Flour Advance Unwarranted.
st. Louis, Mo. April 29.--Comment-
ing on the tremendous price smash
ing that took place on the Chicago
hoard of trade today Julius Fl.
Barnes, federal wheat director, to-
night in a statement to the Associated
Press said the government will dis
continue, un'il 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 dis
cuss the corn situation saying that
branch of the administration was not
un8er his jurisdiction.
His statement follows:
THE steady advance in the market
price of flour is not justified by any
scarcity, actual or impending, as re-
serves have been carefullv preserved
for the demands of the country.
THE mills are grinding II 900. 600
bushels of flour weekly, while our
domestic consumption does not exceed
S,000.000 bushels. II is therefore a
simple problem to offset any specu-
lative boarding of flour. TO discon-
tinue purchases.
The grain corporation, fortunately.
is supplied with sufficient food stocks
to carry out its Obligations including
the large relief program abroad and
is able to and VIII discontinue wheat
flour purchases for export as long as
domestic prices make this desirable"