OCR Text |
Show take steps to avoid a return to the con- i ! ditions prevailing in 1917 and last year. I The people, of this country are heartily j sick and tired of wartime restrictions, i and such restrictions should not again j be imposed. We do not believe such j action will be necessary if all interests tote fair during the next three months, j SPECULATORS WARNED. Speculation in corn on the Chicago board of trade has reached a point where government interference is possible. pos-sible. Following tho news that some millions of bushels of Canadian wheat was to be imported by the United States there was considerable excitement on the Chicago board, and corn prices dropped 10 to 12 cents. Then there was a reaction and prices rebounded 5 or 6 cents. Julius H. Barnes, national wheat administrator, in tho course of an address ad-dress to members of the board of trade, indicated his belief that speculation on so large a scale was overbalancing legitimate legit-imate functions, and he reminded his hearers that the act establishing the food administration gave authority to control trading in foodstuffs on exchanges ex-changes to the extent of prohibiting future fu-ture trading altogether. As the act is still in effect and his duty imperative, he warned the speculators he would not hesitate to act if abuses should arise. It is to be hoped that there will be no more interference with legitimate business busi-ness by government officials. At the same time the Chicago grain speculators should not throw off all restraint and force the issue. Very many people believe be-lieve that the high cost of living is duo to unrestrained speculation, and they may insist upon the prohibition of trad; ing in futures in order to see what effect ef-fect such a policy would have. So the crain gamblers should go slow. Peace will bo declared in the co.urse of a few weeks, but we shall not bo out of tho woods until normal conditions prevail. This is evidenced by the fact that a conference will be called next week at New York among representatives of millers, mil-lers, bakers, grain trade and others at which certain agreements will be entered, en-tered, into. This announcement was made by Mr. Barnes and he also said that "if the prices of flour do not sharply reflect the real situation in retard re-tard to supplios, the United States must shortly return to the 1917 food regulations, regula-tions, which allowed only thirty-days' supply to bo held on hand." The food administration has no desire to take such drastic action, and there should be 0 occasion for it. Harvesting of winter win-ter wheat will begin next month and all indications point to a record crop. A vast acreage has been sown to spring heat and another record is promised. While it is probably true that there is i world shortage of food at the present pres-ent time, we do not believe there will bo any such shortago after the coming harvest, certainly not in the United States. Therefore, the price of flour 'hould come down early in tho fall, eveq should tho government lose money by guaranteeing tho price of wheat. In ;he meantime the millers, bakers and graTn traders should get together and |