Los Angeles herald., 1909-04-21
fBy Associated Press.l

CHICAGO, April 20.-Bulls in wheat
were leaderless today and dashing
bear raid wrought considerable con-
fusion in the pit, where July, closing
at S1.125s, showed a net loss of 3as@3%
cents. The raid weeded out small mar
gin traders, enabled a lot of pront-
taking by shorts, not to mention re-
instatement of long lines previously
disposed of at a higher figure.
"It's old Mother Earth warning Pat
ten ct al. that Secretary Wilson knows
something about crops" said the bears.
"It's Just a natural swing of the
speculation pendulum. There has been
a long continued advance; the reaction
is only natural" said the bulls.
"Why didn't the Patten crowd sup
port the market?" was a question put
by small spectators who had pinned
their faith to the Patten position, and
asked that the bull leader would take
care that the prices did not run away.
because it's none of Patterns busi-
ness" Patterns aids answered.
Patten Has Wheat
"He has a lot of wheat, but he is not
manipulating prices. He knows condi-
tions will take care of the price. He
has neither made nor unmade prices
and has no responsibility in the mat
ter"
Bears in wheat made another sem
sational drive at the market today.
July sank an extreme 6 cents under
the high point of yesterday and May
followed suit. The ticker credited Pat
ten and allies with supporting at the
decline, but confirmation, either di-
rect or suggestive, was lacking. Rus
sia, whose crop possibilities are always
an enigma to- traders in consequence
of the absence of reliable information,
was at the back of bear drive which
sent July wheat off an additional
cents on the board of trade today.
July options dropped to $1.14A early in
the session, a decline of to 2h cents
over night and of AZ to Az cents since
Saturdays close.
Today, as yesterday, Russian ship
ments of 100000 bushels compared
with 216,00O bushels at the same time
a year. ago, was potent influence with
the spectators.
Liverpool wheat, which declined u
penny yesterday, added another n
penny today, while other European
markets receded proportionately.
Bears In Saddle
At the opening of the market here
today the bears were in the saddle,
rejoicing at the aid from the czar's s
domains. Commission houses executed
a huge number of selling orders, in
cluding sales on uncovered stop loss
orders. James A. Patten, the bull
leader, chewing gum. as is his habit
when not chewing a cigar, regarded the
blackboard in his office intently for a
solid half hour after the opening.
A small boy in gray sweater
showed by the rapidity with which he
chalked up new declines in July that
his gymnastic costume was not an af-
fectation but necessity.
At HAP Mr.. Patten brushed through
a crowd OF reporters and visited the
board. His purchase. while not large,
had the effect of creating sympathetic
buying for a turn, and July recovered
to $1.15.
Today's slump followed the accumu-
lation of bearish news yesterday and
today. Aside from visit to the pit
during the forenoon, when he was said
to have purchased small lots, which
temporarily steadied the price, Mr..
Patterns actions gave no clew to his
operations. His house was reported
selling for customers.
Patten Is Quiet
Personally he passed most of the
day In a chair facing the blackboard.
The market appeared weak all day,
but what looked like bull demoraliza-
ton was reserved for the closing half
hour. Yesterday May wheat sold as
high as $12S and July up to $1.18A. A
bear raid tumbled prices, but support
was not lacking and the close showed
losses of only one to two cents, the
latter in July.
At the opening this morning the de-
cline continued. May was u to 1 cent
under the previous close and July "
to "a to totA cent, to the great sur
prise of Patten followers, who have
been accustomed to see reactions fol-
lowed Immediately by recovery.
This opening loss was sufficient to
bring out further stop-loss orders, un-
der which July declined to $1.14A and
May to $1.25B.
Here the battle hung wavering for
some time. Then came the crash
which, to say the least. startled the
bull serenity. July tumbled to $1.12A
and May to $1221a.
The close was weak with July 3%
to 3% cents under yesterday, at SLIPS,
May 2R down, at $1.24A.