New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-04-18
PATTENF0R FREEGRAIN
"RENOTE WHE4T thrift, "
SfTS OPERATOR.
.1ozs Markets Of World Are Nor on
Par7fu - Scouts .Ur U'Hson-
Public Speculation Wad.
rFr telegraph to The Tribune. ]


chicago april 17-After memorable spec
,.lstive week the ticker-s Good night was re-
,eived AZ noon to-day with deep sigh of relief
from Board Of Trade men. not to mention an
sr,,,- NJ Iayrlen drawn into the vortex of the
, heat Dit by the publicity given James 4.
Pa-rer the bull leader, and his following Good
night meant = day and half for quiet refec-
ZION on the great problem OF the season: viii
tbs tublic eat this years last years wheat
three months hence
TO-DAY Mr.. Patten personally left the market
N lis fate. which fate, from the view Of the
pa1ten crowd. improved considerably. as prices
advanced over a cent in May and July options.
NJ. Pstten Paid his respects to Secretary Of
Agriculture Wilson, declaring that the latter's
estimate Of available supplies IS z joke. and
ectured reporters VINO. he alleges. have been
more entertaining than accurate in their stories.
ss 70 talk ot removing the tariff on wheat as
: slap At rranipulerors. NEr Patten was for il
I an IN favor Of removing it right now" he
SID. because KS viii have 70 do II inside Of
Ten years et any rate Il wouldn't affect rhe
r-ics Of vheat-a 2 penny. for the markets Of the
rvorld are on parity right now. Take of the
dutv on corn. oats and livestock too. for It xiii
rot be long before We have to import them. - I
havs said this before. and Jim Hill has been
preaching 81 70 the farmers along his railroa ds
for the LAST three or four years
AS 70 Nj Wilson. he is absolutely incorrect
There vas not 143.o00,0oo bushels on farms or
March u was nearer 100 ooo 600 bushels. Ny
information IS better than his and know what
an talking about Bur don't take i from me
&c tc any big trader who pays his money for ac-
cnrate information on which to risk his capital
They say have corner in wheat have not
Ihe wheat have wouldn't feed the world for
one day"
The weeks place in speculative history Is due
to The practical passing Of the so-called May
deal" and The active engagement Of bulls and
hears al along the line concerning the proper
price O. July contracts for wheat
From this tine on the price OF Nay may fuc-
tuate -er-aticaly but II Is stated that there will
BE little trading in II The bears admit THAT
Patten won n that struggle and that he is ar
bitter ot the price. However, few settlements Of
this delivery, i is SAID. remain 70 be made The
price during the week ranged between 81 25Hs
and g 29.t and closed to-day at 81 281k
Jzly wheat which rent 70 S114ss under tre-
rnsndo1s pressure or Thursday, closed to dav
within shade q the best price OF the week AT
t11s4. Whether this price IS TOO high or too low
Cannot u cou-se be known until the time for de-
livery on ccnt-acts Both Secretary Wilson and
NJ Pattsn have remarked that time VIII tell
s.d +ti--e' N the present instance means ryc
months and half from the present
Late n the day the Washburn-Crcsby Milling
Company announced an advance Of 20 cents IN
ths price OF spring wheat patsnt -four, making
the price now 81 % e barrel. against price Of
s. 20 year ago This advance was net by the
ether milling concerns IN Minneapolis
Protests against the high price Of -four we're
-edoubled b. small bakers to-day Mean
zhtle, the public continues speculatively mad
despite the warnings issued by conservative
grain dealers al over the country, pointing out
fsuacies IN the arguments OF Psttsn and his as
socistes
Answering the statement that the present high
prices ara due 70 the laws Of supply and de-
mand, This Ninnea polls Market Record" makes
tbs following statement
There IS no doubt thar the public IS specu-
latng heavily II the grain markets The air IS
tplI ot al sorts Of theories and eztravagant
claims that viii be dissipated by the time the
harvest OF the northern half OF the world IS
coming 3nto the market The excited specula-
I've mad world IS coming close TO the point OF
dsccUntiag 2 crop calamity and the debauch
must. ot course. end all irrational violations Of
economic principles