The Washington herald., 1909-04-18

Chicago, April 1.-THE wheat shorts
are in Wall street and it is pretty well
known that Wall street has some inhu-
enee at Washington. The only thing Sec
retary Wilson has correct in his state
ment is that I am making money IN
wheat. I admit that"
Smsrting under the charge that he has
been conducting a corner" and has been
robhing the consumers Of bread, James
A Patten. Chicagos wheat king. thus re-
piled TO the charges Of self-interest made
in Washington to-day. Besides. he de-
elared the Department OF Agriculture was
purposely misrepresenting the facts.
Mr.. Patten reiterated tonight his for
mer declarations that Secretary Of Agri-
culture James Wilson is misinformed. de-
spite Wilson's public statement, issued
at Washington to-day. in which he called
Patten a gambler, and produced what he
said was proof that the present high price
Of wheat on the Chicago Board Of Trade
was caused solely by Patterns manipula-
lions.
When a correspondent called on Patten
and showed him Wilson's statement. Pat
zen read it over ans smiled
Il don't care to enter into any contro-
versy with Secretary Wilson," he said.
He has made a statement based on in
formation which he says cannot be
doubted that I am responsible for the
high price Of wheat Mr.. Wilson believes
his information is correct. I have posi-
tive information that does not agree with
Secretary Wilson's. and 1 know my in
formants know what they are talking
about.
Secretary Wilson seems TO be positive
IN his convictions. and I am so positive
IN mine that I am risking my money on
the reliability Of my informants. We
differ; that's all
Secretary Wilson says there is re
serve Of 100000 bushels. I say there
are not 10o,OO0,O00 bushels It gets down
10 question Of fact. II Secretary VIII
son, as he says, knows where this wheat
reserve is I wish he would inform nv
agents. and they will be able 10 place
the wheat at prevailing prices.
l may say this much, however. Il IS
evident from Secretary Wilson's own
statement that his information is mere
play. The statement Of a Kansas CITY
newspaper man. quoted in Mr.. Wilson's
statement. that the supply Of wheat on
the farms March 1 was 100000 bushels.
is merely an estimate; not direct evidence.
Ny evidence IS direct"
Hints Cause Sensation.
Patterns statement, in which he init
mated that the big wheat shorts IN
Wall street who have been squeezed by
the Pstten operations are responsible fo,.
the present agitation IN Washington look.
ing toward the prevention of speculation
in grain futures has created something
of sensation here. II has also served
to start speculation as to the identity of
the big Wall street shorts"
Several months ago il was reported
that Reginald Vanderbilt had taken the
bear side OF the market in opposition 10
Patten, and had been "stung" for close to
100000. This was not confirmed at the
time
There is also considerable speculation
among board OF trade men as 20 the eff
feet, If any. Of Pattens open advocacy
to-day of the policy of taking the tariff
on wheat and al other grains.
"As to the taking the tariff OF wheat"
Patten said tonight. when the American
public knows its own interests il viii de-
mand that this very thing be done. But
the existence OF a tariff Of 25 cents a
bushel has nothing to do with the present
high prices II IL were taken of to-unor-
row the price of wheat would not be af- |
fected l cent when the board opened |
Monday
Could Be Expelled.
President John A. BunneH. OF the board
Of trade, tonight stated that II any one
could produce proof that Patten was run
ming q corner in wheat! Patten could be
expelled under the rules OF the boar6t
governing extertion. These rules will not
permit any member of the board to OBJ
tain q fictitious price for his contracts.
said Bunnell
I'VE have received no complaints
against Mr.. Patten." he continued ANY
member Of the board has a right TO make
one, however, and the board will act al
once
II am glad that attention has been
called 10 the methods Of the board. The
sooner the people learn that it is a Iegf,i-
mate business, conducted on the higher
principles Of modern commerce. the bet
ter IL viii be for all concerned"
Traders Appear Waiting.
While Patten and Secretary Wilson
were quarreling to-day. the traders in
the pit appeared to be waiting for some
+binr- n banner While fbe-a 49, . - !