The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1909-04-15
CASH WHEAT IN
HEAVY DEMAND
Highest Price for No. z Red in
Thirty-one Years Record
ed at St. Louis.
INTERVIEW WITH PATTEN
CHICAGO BULL DENIES THAT He
HAS MARKET coRNERED.

:. :, :. :, - :. :. :. :. :. :. :. :. :. :. = ::
:. St. Louis. April 1.-THE highest =
- price paid for cash wheat in st. ::
:. Louis in thirty-one years was re- :"
= corded today. when sales of No =
:. red were made at s1.47 to S1.50. =
:. Largely as a consequence Of these =
:. market conditions the -four indus :
- try has almost ceased locally, sew -
= eraI mills being shut down, while :
:. others are running on half time. =
:. Export business. usually of some =
- moment here. has dwindled to =
:. practically nothing. Prices have =
:. risen steadily, the best grades go -
= ing to s. today. Receipts of wheat =
= have fallen to an unusual degree. :!
- only 5000 bushels having come in =
:. yesterday and 5000 today. -
:. :. : :. = = = :. e - - = = = = " ::
Chicago. April 1.-THE appeal Of
Pittsburg bakers 10 Secretary Of state
Knox to take steps to end the manipu-
lation Of wheat and other commodities
excited comment today by James A.
Patten. popularity alleged to control tie
present market for the high-pTiced
cereal.
In the first place" said Mr.. Patten.
Il don't control the market. Ny lire
at no time has run over 10000. 600 bush
els. have preached the gospel Of nigh
er wheat. because / saw what was COM
ing"
An Offending Note.
Mr. Patten at this point i'm the inter-
view paused TO open telegram which
mad been handed him. He read it..
smiled srimly and then remarked;
Now. what do you think of that
Here il is reported on the board OF trade
that ] am disguised with the whole
wheat business because of criticisms
and am going to get out"
The so-caIled wheat king" tossed the
offending note on his desk. and re-
sumed.
I'm a grain trader, and I don't intend
to quit ] bought when the market
looked cheap, as did others who &C
cepted my view. and I'm going to sell
1t at a profit if l can. 1 have already
sold a great deal 1 have more to sell,
and when anybody offers me a proper
price / will sell more. / sold some this
morning, cash stuff. at $142. There is
no corner, no manipulation Others
who bought early, sell as demand de-
velops."
Coming on for Years.
Mr.. Patten continued:
For three or four years this has been
coming. At the end of es ch crop bins
were empty everywhere. With increas-
ing population here and abroad it was
obvious that sooner or later the crop
81 one year would be exhausted before a
new crop was at hand. Last fall. if not
earlier, I saw it coming. I bought
wheat and my friends did likewise. The
great unthinking public here and in
Europe would not, or could not, see
what was coming Liverpool would not
buy months ago. thinking the prices of
that DAY too high. Now Europe wants
5000 400 bushels The harvest was
carly last year. 1t has been trying to
cover thirteen months instead of the
usual twelve. and 1t can't do it, We
need wheat COR the mills right here in
Chicago now"
Maybe some of the shorts win de
liver il to you ON your May contracts %
was suggested.
Il wish they would. for there is not
any To speak of here. We could use