The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-04-18
CORNER IN WHEAT
IS GIVEN A REST
Both Big Traders and the Lay.
men Welcome Respite of
Day and Half.
PATTEN STILL DENIES
MANIPULATING MARKET
Also Questions Statements of
Crop Conditions Made by
Secretary Wilson.

CHICAGO, April l7.-Aftcr a mem
orable speculative week the tickers'
pood-nightn was received at noon to-
! day with deep sigh of relief from
board of trade men, lot to mention an
army of laymen drawn into the wheat
pit by the publicity given James a.
Patteu, the bull leader, and his fol
lowing. Goodnight" means day and
! half FOR quiet reflection on the great
problem of the season, "Will the pub
! lie eat this years or last years wheat
three month s hence'
Today Mr.. Patten personally left the
market to its fate, which, from the
view Of the PatteD crowd, improved
considerably III prices advanced over
cent IN May and July options.
Ridicules Wilson.
Mr.. Pstten paid his respects to Sec
retary of Agriculture Wilson, declar
ing that the lattcr's estimate of avail.
abe supplies is II joke and lectured re-
portGrs. who nc alleges have been more
entertaining than accurate In their
stories.
AS to talk of removing the tariff on
wheat as n slap at mauipulators, Mr..
Patten was for it.
F'I IN IN favor of removing it right
now. because well have TO do so in
side Of ten wears, al any rate. 1T would
not effect the price of wheat a penny,
for the markets oN the world are on a
parity right now. Take off the duty
on corn, oats aud live stock, too, for it
will not be long before we have to i'm
port them | have said this before and
Jimmy Hill has been preaching it to
the farmers along his railroads for the
last three or four years.
Denies Correctness.
"As to Mr. Wilson, he is absolutely
Incorrect There was not l43.000.000
bushels on farms on March l. 1t was
nearer 100000. My information is
better than his and I know what I'm
talking about. But don I take it from
me; go 10 any big trader who pays out
his money for accurate information on
which he risks his capital They say
| have a corner in wheat I have not
The wheat ! have would not feed the
world for one day.'
The weeks place n speculative his
tory is due to the practical passage of
the so-caIled "May dealn and the ac.
tive engagement of bulls and bears all
along the line concerning the proper
price for July contracts for wheat.
From this time on the price of May
wheat may tiuctuate crratically but it
is stated that there will be little trad
ing in 1t. The bears admit That Pattcn
won IN that struggle and that he is
arblter of the price However, few set
t!ements of this delivery. it is said. re-
main TO be mad.
Range Of Prices.
The price duiiug the week ranged
between $l.255s and 81 2S$S. and closed
today at S1.2sk. July. which went to
Sl.l1S under tremendous pressure on
Thursday. closed today within n shade
of the best prices of the wcek-sI,lsas
Whether this price is too high or too
low cannot, Of course. be known until
the time for delivery on contracfs. Beth
Secretary Wilson and Mr.. Pattcn have
remarked that ''tine will tcll'' anl
time IN the orcscn- in-taEcc means
the two months and ilnlf from the
present That yne GgLt between obpos.
ing Interests will pe one of rhc Irnst
exciting in the history of tho bonrI of
trade no one doubts. In the aoore.
gate II VIII be waged between fbosa
who believe in the accuracy Of the
government rcports and those who pin
their faith to the Pattcn faith.