The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-04-22
SLUMP IN WHEAT.
Prices Continue to Decline Fol-
lowing the Assault
Made by the Bears Yesterday on
the Patten Crowd.
MORE THAN s CENTS
Below the Record Price Reach
ed Last Week.
Some Confidence i'm the Bull
Strength Still Apparent.

Chicago, April 22.-Has the bull cam
paign in wheat SO far as the public is
concerned been abandoned? Has the
bull leader Jane A. Patten. now re-
ported on his way to visit the ranch of
a friend in Colorado, changed his
views? These and other questions, un-
thought of week ago, were rife on
the board of trade today when the
slump in wheat continued, prices
reaching a point to 81z cents below
the record price of last week, when
Mr. Patten declared that wheat was
worth intrinscally every cent being
paid for it
Just a week ago May wheat here sold
at s1.29A and July at s11szs.
Repeatedly asked if he had a corner
in the two deliveries, Mr. Patten en-
phatically denied that he had, assert
ing amidst the quotation of crop sta
tistics and prospects that actual users
were responsible for the high price,
and that the cereal was worth all that
was being paid for it.
Even were 1 entirely out of the mar
ket prices would be as high or higher
than they are" said the bull leader.
Since then the market has been de-
clning in way which the ordinary
Il
able to explain. Today instead of the
recovery expected after the six cents
decline of Tuesday and Wednesday,
the market opened extremely nervous
and weak. May sold at s1.211s early,
3A cents under yesterdays close and
S1s cents below the high price last
week July, in which the bulk of the
trading has been done recently, de-
clined to $1.10as. a 312@35s cents below
yesterdays close and S1a cents under
the record price last Friday.
Market Steadies.
At these prices the market steadied
but showed no evidence of recuperat1ve
power Bears jubilantly pressed their
advantage. pointing to the weak for
eign markets as indicative of the cor
rectness of the bear view that there IS
no world wide shortage of wheat. Stop
loss sales We're numerous.
Armour, who in a recent interview
upheld Mr.. Patterns bullish survey of
conditions and whose house was cred
tied with buying yesterday. was
rumored to be selling on the Liverpool
markets.
In the Bartlett -Patten Offices. it was
stated that there was no reason to
change any statement previously made
by Mr.. Patten The break in prices
was characterized as furry. The
lost ground it was said would be re-
gained without any manipulation.
Tinlid holders, it was declared, were
unloading. frightened at the decline. or
because their resources were insult
ficient to maintain them in the mar
ket-
1t was this class of traders mainly
who expressed curiosity as to Mr.. Pat
tens present views. Despite his as
sertion that he was not manipulating
the market, they expected he would
prevent any such slump the pres
ent
Among Mr. Patterns allies and inti-
mates however, the word wait" was
spoken optimistically, although some of
them said cit looked funny, the way
the market acted
The eight cent decline has made a big
hole in paper profits, although to what
extent no one can say, as no one
knows the extent of the long lines
held, or at what price purchased. Also
there have been heavy actual losses