The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1909-04-23

But the first quotations were a startl-
Ing disappointment to the bulls. From
nearly every point came reports of
normal, or even better, crop prospects.
Liverpool prices were down and the
shipments from Argentina, Australia
and other foreign countries were said
to be greater than usual at this time
of the year.
Bears Filled Pit.
Bears filled the wheat pit in dense
mass, and like an eruptive volcano
poured forth swollen stream of
wheat Longs liquidated all along the
line, and the execution of stop-loss or
ders added to the confusion
Frequently it was impossible to
make sale within three-quarters of
cent of the price designated by the
customer Of his broker.
The Patten vortex of other and more
bullish days into which the cereal
might be poured seemingly without
affecting its appetite. was not in evil
dence. 1t was tremendous liquidat-
Ing market, and Patten might have
been buying secretly through others
than his own house. From him there
has come no word that he has changed
his views as to the value of wheat
He called May wheat cheap at $1.29
and If he still thinks so it is pointed
out that the same option at $1.21 yes
terday was an excellent investment.
The same was said of July at $1.09 5-S.
These prices are approximately nine
cents under the high price of last
Friday.
| While Mr.. aPtten. quoted as saying
he was fleeing from reporters, was
making for the ranch of his friend
and partner, w. II. Bartlett, just over
the Colorado line in New Mexico, de-
lection was pictured on the face of
many a small speculator haunting the
ticker in various brokerage houses
Many fortune has been wiped out
by the decline this week. and many
man who had handsome profit on
paper, but still hung on for more, now
confronts deficit. There are many
such. The wide publicity given the
market brought into it many man
who ordinarily walked in quieter
paths. Even the regulars" for the
most part followed the bull leader
with unusual enthusiasm. and until
last night saw nothing further in the
previous declines but furry. Mr..
Patten so characterized it, and his
word was accepted. They held to the
limit of their resources. and today
were wiped off the speculative slate
when their margins became exhausted.
and there was no langer a reserve to
draw on.
Want to Know.
! They would have liked very much
to know whether Mr.. Patten had left
orders secretly to make further pur-
chases at the concession in prices. In
the absence of such information, how
ever, Mr.. Patterns absence in a Sec
tion of the country where he will not
be much troubled by either reporters
or quotations, and the utter weakness
indicated by yesterdays decline. gave
rise to gloomy hints that "Patten was
we'll out of It," They went so far as
to declare that the present slump was
due to the liquidation of the big Pat
ten line of wheat. rather than to i'm
proved crop conditions.
1t is admitted that this supposition
may be absolutely wrong. Mr.. Pat
tens ire against reporters was large
ly due to published references to him
self as manipulation of the market,
the engineer of a great corner Of the
worlds staple food. He smarted un-
der such terms to = degree unusual
to most men. He was In his Office
when the decline began to look seri-
Gus, but in his conversation he had
much less to say about the market
than about erroneous statements made
concerning himself in the newspapers.
"It's a fact that he ran away from
the newspapers" said one of his
friends. He wasn't running cor
ner. and published statements to the
contrary wore him out. He is look
ing for rest and he ought to find it,
for Mr.. Bartlett's ranch comprises
some 100000 acres. and no place on
it Is there a reporter"
HAS he sold his wheat?"
II don't know. l doubt it. He can
we'll afford to hold his line, for the
pinch was not expected until the
shortage began really to be felt in
June and July. He expected a high
price then. and expected to market
his wheat when his position on the
crop had been vindicated."
SENATOR STEWART DEAD
EOrmnr (nvada SanatOr Dipd Affop