WHEAT IN WESTEEX CANADA 125 



per bushel,^^ was attained on May 12, 1917 ; whilst, on the 

 same dav, at Minneapolis, the price of One Hard wheat 

 ranged from $3.49 to $3.54 per bushel. ^^ 



The Winnipeg Exchange was the first in North America 

 seriously to investigate the question as to whether or not 

 there was any illegitimate gambling going on in wheat in 

 war time ; it was the first to take steps to prevent prices 

 going higher still ; and it was also the first to work out and 

 apply the remedy to the situation, the only remedy at its 

 disposal. By virtue of its actions during the crisis, the 

 Winnipeg Grain Exchange gained in the esteem of the 

 general public. Responsible men in all lines of business 

 gave expression to their opinion that the Exchange had 

 acted wisely and well under very difficult circumstances, 

 and it dawned upon the public in general that the men en- 

 gaged in the grain trade might be just as conscientious and 

 just as patriotic as the men engaged in any other lines of 

 business in the world. Certainly, the action taken by the 

 Exchange contributed largely to the fact that the Govern- 

 ment at Ottawa was prepared to give a sympathetic hearing 

 to the representatives of the Exchange on the whole matter 

 of the marketing of grain during war time.^^ 



The next great effect of the war upon the grain trade 

 of !N^orth America was the beginning of government regu- 

 lation of the grain business. Every European country 

 engaged in the war had found it necessary to undertake 

 the regulation of grain supplies, grain distribution, and 

 grain prices. Thus the period of state regulation was in- 

 augurated in the warring countries of Europe one after 

 another, and the mounting prices of bread upon this con- 



61 The Board of Trade of Chicago, Sixtieth Annual Report for the 

 year ending Dec. 31, 1917, p. 64. 



62 Minneapolis Chamber of Commerce, Thirty-fifth Annual Report 

 for the year ending Dec, 1917, p. 71. 



63 J. C. Gage, loc. cit., p. 41. 



