Albuquerque citizen. [volume] (Albuquerque, N.M.) 1907-1909, 1909-04-22
CORNER IN WHEAT
DECLARED BROKEN
Bears Beat Prices Down Eight
Cents This Morning and
Heavy Losses viii Re-
suit 10 Small
Ones.

Trinidad, Colo. April 22.-James
4. Patten, Chicago's wheat king, who
was reported yesterday to have de-
serted the wheat battle to inspect the
crop for himself arrived here today
and left shortly afterward for
Tercio, Colo, from where ne will
drive to the ranch of w. II. Bartlett
near Vermejo Park, n. NJ, a trip of
twenty-five miles.
Patten is nervous and tired and
replied shortly to the reporter who
asked his plans. He refused to an
swer when asked if he was inspect
ing the crop. He will spend some
time at the ranch for a rest.
At the hotel where Patten rested
the clerk warned him that it would
be dangerous to attempt the passage
from Tercio to the Bartlett ranch be-
cause of the blizzard raging.
IL don't care" replied the wheat
king. 81 want rest and 1 am going
after it"
The stage cannot reach the ranch
before nightf4ll and the roads are
dangerous because of tremendous
landslides.
Wheat Corner Broken.
Chicago, April ga further tre-
mendous drive at the so-called wheat
corner today, to many traders spell
ed the end of the big bull market.
July near the close touched S1.09%
and May $1.20A
A report that the bull campaign in
wheat has been abandoned is atioat,
The question also arises: Has James
A. Patten changed his views?
ThaGo on haf
the slump in wheat continued today,
prices reaching a point to s Y cents
under the high point Of last week.
when Patten declared that wheat was
worth every cent paid for it.
Repeatedly asked If he had a cor
ner on May and July deliveries, Pat
ten denied that he had. asserting
that the actual users of wheat were
responsible for the price. Since then
the market has been declining in
such a way that ordinarily follow
ers of Patten are unable to explain
Today. instead of the recovery ex-
pected. the market opened nervous
and weak. The bears jubilantly press
ed their advantage, pointing to the
weak foreign markets as indicating
that there is no world wide shortage
VI WHEAT al AilpAls Nlio III a lFNEllA
interview. upheld the Patten view,
was reported as selling in the Liver
pool market.
In the Bartlett Patten offices the
break was characterized as a "hurry"
The Patten allies said. wait" The
eight cent decline made a big hole
in their paper profits, although no
one knows how much Also there
traders whose resources have given
out.
Four prominent houses are said
to have sold an aggregate Of seven
million bushels during the day. Stop
loss orders poured in the wheat pit
So fast that brokers seldom could
execute within three-fourths of a
cent OF the price aimed at. The
weeks decline has wiped out nearly
a million dollars profit for the bulls.
Good Place TO Rest.
The Bartlett ranch to which James
A. Patten, the wheat king of Chicago,
has gone for a rest, comprises sew
eral thousand acres in the extreme
northern part OF Colfax county,
few miles from Vermejo Park. Its
owner, w. II. Bartlett is a million
aire, formerly a resident Of Chicago,
and associated with Patten In some
OF his campaigns on the board of
trade The location of the ranch
is scenically ideal and as it is miles
from a railroad, Patten win have
plenty of opportunity to rest.
Many brokers long on wheat but
who waited for a higher price, are
bitter. Much blame is placed on
Patten for leaving the market before
the bull movement reached a safer
stage.