The Republican. [volume] (Oakland, Md.) 1877-current, 1909-06-17

more Inan Inc one SalQ 10 De en-
gineered by James A. Patten, the
Chicago Spectator.
Mr.. Patten and his followers say
the situation puts the stamp of
denial on the assertion that there
is corner" in the grain. They
say that the real wheat is scarce
that the world is short millions of
bushels, compared with normal;
that it has been short for practically
two seasons and will be short for
another year. However, govern
ment experts have taken issue with
the assertion that there is a world
shortage, or. in truth, a shortage
in the United States.
One authority says that there
were virtually $4,000. 900 more
bushels OF wheat at the close of last
years crop than there were in the
previous year. Allowing 5000, 900
bushels for the extra increase in
consumption, there are still 49,
600, 900 bushels unaccounted for.
The question is asked: where is
this enormous amount of grain?
Mr.. Patten declares it does not
exist. The consumer shakes his
head and says: Another corner
in wheat "
Millers had bid ST. per bushel
for wheat. Not since war days, a
half century ago, was wheat higher
in the capital city. The ma, GRITTY
of the dealers had no recollection
of the price ever being any high
er and declare that SI.4o was the
record price. There was a scarcity
OF milling grain, bat the s. 40 Of
fering failed to bring out much
wheat. Farmers who had not sold
stood pat asking $3.50 for a part
oftheir holdings, 1t was a curious
coincidence, however, that since
wheat reached its high point there
was comparatively little to be had,
which emphasized the corner"
point.
There have been a few corners"
in wheat. In 1905 a crowd Of
Chicago bulls with Joseph
Letter at the head, cornered the
supply for a time and ran the
price up to SI.24 in February. In
August the same year the low price
was II Is cents. In 1904 the high
price was SI.22' during the months
of September, October and Deem
Der. In January of the same year
the low price reached was 81 II
cents.
In 1898 another crowd of bulls
made a corner and ran the price
up to SIS in the month OF May.
In October of the same year the
low price was 81 cents.
The highest price ever recorded
on the Chicago board Of trade was
in 1869, when the price reached
S2.47, in the month otsAugust. In
December the same year, the low
price was Is I-2 cents. The next
highest price was So 20, paid in
July, 1868. The cheapest wheat
that year was SI.o4 Ia, and there
was no corner.
In September, 1888, the high price
was 81 and the low price II IS
cents in the month of April. The
lowest price ever reached on the
Chicago board was 50 cents in
September, 1894.
During the corners engineered
by Letter, "Old Hutch and other
Chicago spectators, prices never
held at the high points but short
time and the corners usually fell of
their own speculative weight. The
Patten corner tottered several
times, but with boundless nerve
and with millions behind him,
Patten has always stemmed the
tike of the engulfng market by
buying everything dumped on the
market with such an abandon that
the timid bears were forced to
cover and fall in line with the
bulls.
In cornering any kind Of grain
the operators must have a sure
Ix.,o,,,1 - 1 1xo - { aoo.,o,,,.o -. l:.:z.