The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1909-04-16

CHICAGO. April l5.--"If congress.
needing the popular erroneous impress
sion that corners" In the world 8
commodities are made by spectators,
passes any law prohibiting specializing
In any grain, there Is no doubt that
the courts would knock 1t out. There
isn't q court In the country that would
sustain such u law"
This In the opinion expressed today
by James A. Patten. king OF the
worlds wheat market" when asked
regarding the movement In Washing
ton TO prevent such operations In the
wheat pit as Patterns present bull deal.
During the course OF an interview,
s-Patten also revealed the fact that the
publicity that has attended his bull
campaign has made him the recipient
OF hundreds Of anarchistic. threaten
ing and begging letters from persons
all over the country. He said he had
been asked by people everywhere for
sums OF money ranging In amount
from o few dollars TO the price OF
new touring car.
Congress couldn't pass a law to
prevent men from specializing In COM
modities," said Patten. because such
law would be aimed at the very lie
OF business The theory OF business
all over the world is free field. open
competition and legitimate profits. III
the national legislature should seek
to prevent any such operations as l
have been conducting and should pass
q law preventing It, II would be the
most serious blow that commerce IT.
self has sustained In the history OF
the country. Business OF all kinds
would be greatly hampered and re-
tarded because such law would APP
ply to all forms Of business.
but why should congress excite IL
self over the present wheat s1tua'
tony Simply because l have been
reported In the newspapers as making
millions of dollars. Such stories are
absurd. have not made millions and
do not expect TO make millions out
sof my present operations. VIII Dc
lucky TO make thousands.
These exaggerated stories OF the
immense profits have been making
have created the popular impression
that I am trying to plumber the ma
ton and have made me the target for
notions OF all kinds OF people and all
kinds Of cranks.
~ have never held more than TO-
QUO 600 bushels of wheat at one time
,aince the present deal began. Iha'
amount is too inconsiderable TO have
gny effect on the market. Why. the
total supply OF wheat Is about 0o,ooo'-
600 bushels and IL would be utterly
impossible for any man or comoina'
ton of men 60 get corner
CHICAGO, April 15e-The most dis
lstrous effects OF the Patten wheat
"corner" were felt today in the Ghetto
bakeries, where homemade bread,
which had been sold at four cents
loaf. rose TO FIVE cents. This IN
crease OF % per cent to the poorest
consumers means much TO q family
that subsists principally on bread,
with meat as a rare diet. The rise Is
expected TO be followed by cores
ponding increases in price In better
bakeries.
NEW YORK, April 15.-New Yorh
came face 70 face with the problem
of higher bread today when the whole
sale price of -four was advanced 40
cents a barrel by the dealers. Seven
cent loaves, the kind that have always
cost but five, will. unless something
unexpected happens be the rule be-
FORE the end OF the week and the
Dealers frankly admit they cannot
predict where the end will be reached