Business & Finance: Square Pegs & Round Pits

Three weeks ago Chicago's Board of Trade, instigated by Washington, set a temporary level below which grain future prices would not be allowed to sink. Last week that artificial floor was removed. Prices—which had been bobbing along on the rule like balloons without lifting power—promptly dropped the maximum amounts permitted in one day's trading. Great was the hullabaloo. Representative Jones of Texas and Senator Smith of South Carolina promptly swung inflationist thunderbolts about their heads again. Letters and telegrams poured into Washington demanding that the Government repeg prices. No such action was...