Show THE GAMBLE IN WHEAT on november 22 when tho the world was asking the me public to note conditions on the tha chicago board of trade speculative wheat prices were very high december was waa quoted at may at and july at in I 1 one week for various alleged reasons most of them imaginary the market an average of 12 cents a bushel when germanys germanas Germ anys peace proposal was made tuesday there were frantic sales of paper wheat amounting to millions of bushels what had happened to so called wheat prices in three weeks partly as a result ot of publicity and partly in alarm at the mere mention of 0 peace Ss Is shown by tile the closing quotations tor for that day december may and july the drop of 29 cents centa a bushel la in the option for this months delivery probably measures pretty accurately the extent to which powerful speculative combinations had inflated the price extensive wars of course enhance the value of foodstuffs land and peace assured or in prospect Is depressing but we the most infatuated optimist will not be ablo able to foreshadow a peace in europe in time to affect market cond conditions itic ins for wheat governed by tho the december and slay may options A quarrel like that now in progress is not adjusted in a day or a month and nothing that has happened lias has changed or Is likely to change ell arige in an appreciable degree the legitimate relation of the present crop to tile the needs of the world nevertheless hardship has been inflicted upon millions of people by a big gamble in wheat which now by the performance of its engineers in open market is officially admitted to have been a gamble new york world |