Evening star., 1909-04-17
REAL GRAIN STILL ON HAND
Ten Million Bushels for May De-
livery to Be Disposed Of.
MAY MAKE MONEY ON THAT
Miller Contradicts Manipulator' s
Statement That Prices Are Due
to Supply and Demand.
Special Dispatch to The Star.

Special Dispatch to The Star.
CHICAGO. April 1.-THE "Patten pool
has cleaned up between $4,OO0.OOO and
$5OOO.OO on the May wheat deal. OF this
amount "Jim" Patten has pocketed fully
two-thirds.
Market experts estimated today that the
broker and his coterie had sold to the
public 10000, 600 bushels of May wheat at
an average profit of 20 cents, giving
them profit of S4,OO0,OOO. Besides ,-.is
he has made a substantial profit on July
wheat, to say nothing of the September
and December options which he has scalp
ed In the market for a profit of from
to 5 cents, making his total winnings
not much under $5,OOO,OOO.
But there is another side to this picture
of golden profits. While Mr.. Patten has
made killing in May wheat, which
has placed him beyond the possibility OF
any loss. there are still some S,OOO,OOO OF
10000, 600 bushels of real wheat which
vator concerns as Armour, the North
western Elevator Company, and the
Peavey interests for delivery in May
which he will be forced to absorb.
able to hold prices Of cash wheat at ar
abnormal level by manipulating July and
the more distant options until he can dis
pose of this actual commodity.
Meanwhile small bakers have been
obliged to suspend business. big bakers
are selling short-weight loayes at an
actual loss, and the millers have resorted
to unheard-of methods Of premium offers
to stimulate the sales of flour, the trade
in which threatens to become absolutely
stagnant.
And City Sealer HIGHLANDER of Chicago
has started on a tour of investigation
to see how much short-weight bread is
being sold. He purposes to make the
weight they are selling for cents
even IL he cannot make them sell a full
sixteen-ounce loaf for nickel.
Miller Contradicts Patten.
One Of the largest Minneapolis millera
-,uwmv staIgfSlhfs'sS.,--,----'--- .,--,-- ----'----
With the recent public utterances OF
Mr.. Patten. to the effect that the pres
ent prices are due to domestic supply and
demand only. the following facts are
suggested as different Interpretation:
Closely in touch with the acute domes-
tic demand would, of necessity, be mill.
ers; there is not miller in the country
today who is selling his output. and many
Of their inability to sell flour.
1T Is fact that can be easily proved
that two of the largest milling concerns
OF this country are offering prizes o1
from $1,000 to 5000 in eastern territory
for the largest sales by agents.
I'm smaller cities they are offering
Shetland ponies and carts as a premium
to stimulate trade, while one Minnesota
milling company Is including in each one
eighth barrel sack a coupon exchangeahle
of ri rx-J,i
virtually amounts to a cut of % cents or
each sack of flour.
This does not spell acute demand but
rather imitation and manipulation.
"A large local elevator concern. oppos.
ing present high prices. is reported ia
have accumulated a line of cash wheat
In the northwest markets, particularly
Duluth and Winnipeg. amounting to
100000 bushels. delivery of whi9h is be-
ing arranged for.
Consumption has been curtailed with
out reason of doubt, and will be more
SO when bakers are forced to raise prices
on bread. which they will be obliged to
do shortly, as they are selling now al
cost.
The public is coming at the eleventh
hour and buying wheat with their eyes
shut. The personal holders accommodate
them freely.
will be slaughter of the innocents that
will out-rival anything similar ever ex-
perienced."
Brokerage houses generally are advising
their customers to stay out of wheat. One
of the largest commission merchants was
asked yesterday why he did not 20 after
some OF the grain business while every
Tom, Dick and Harry was imbued with
the buying fever. His reply was:
Because l am cursed with a con-
science"
Patten Scores Government Reports.
Mr.. Patten yesterday took a ran at
the government crop report and Secre-
tary James Wilson of the federal De-
partment Of Agriculture. who was re-
ported to have said that he would "set
the statements of 100000 honest men, y
who furnish the crop reports to the
government, against those of Mr. Pat
ten. "and leave 1t to the public to de
termine which tells the truth
Mr.. Patten does not relish Secretary
wilson's reported comment, and has
come right back with a body blow IL,
the declaration that his own informa-
tion was much more reliable than any
furnished the government by postmas
ters and country merchants. He sup
plements this with the statement that
the governments quarterly report Is
sued March 1 is "the joke of the cen
tury.'
IT don't care II Mr.. Wilson has $50 OOO
trusted. earnest honest citizens said
Mr.. Patten when shown Secretary VIII
sons purported statement. My infor-
nation is better than his.
II would like to have Mr.. Wilson tel,
us where that 143.OO0.0O0 bushels re-
served wheat is. Why, his report Marcn
I was the joke of the century
MY information Is better than his,
that's all l have to say. He gets his
reports from postmasters and country
merchants while / get mine from the
grain buyers. who know where every
bushel of wheat is, and. il called
upon. can name the farmer in each
section who is to deliver the wheat"