Evening star., 1909-04-22
WATCH ON BULL LEADER
Suspicion in Chicago That Patten
Has Changed Views.
BREAK REGARDED AS FURRY
Timid Holders Told to Wait by
Bartlett-Patten Forces-Armour
Reported a Seller.

CHICAGO. April 22.-Has the bull cam
paign In wheat, SO far as the public is
concerned. been abandoned?
Has the bull leader, James A. Patten,
now reported on his way to visit the
ranch of a friend in Colorado, changed
his views?
These and other questions. unthought
of a week ago. were rife on the board of
trade today, when the slump In wheat
continued. prices reaching point to sia
cents below the record price of last week
when Mr.. Patten declared wheat was
worth intrinsically every cent being paid
for 1t.
Just a week ago May wheat here sold
at 1924 and July at 1.18N. Repeatedly
asked If he had corner in the two de-
liveries, Mr.. Patten emphatically denied
that he had. asserting amid the quota
ton Of crop statistics and prospects
that actual users of wheat were respon-
sible for the high prices. and that the
cereal was worth all that was being
paid for 1t.
Even were / entirely out of the mar
ket prices would be as high, or higher
than they are" said the bull leader.
Unable to Explain Decline.
Since then the market has been de-
clining In way which the ordinary fol-
lowers OF Mr.. Patten have been unable
to explain. Today instead Of the recov-
cry expected after the Scent decline of
Tuesday and Wednesday, the market
opened extremely nervous and weak.
May sold at 1.21 y early, 3B cents un-
der yesterdays close, and SIS cents be-
low the high price last week. July. in
faA ~ I,,l1r - - hor hoA
done recently. declined to 1.10a, 3ha
3 v cents below yesterdays close, and
BY cents under the record price Of last
Friday.
At these prices the market steadied,
but showed no evidence of recuperative
advantage. pointing to the weak foreign
markets as indicative of the correctness
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 credited
with buying yesterday. was rumored to
be selling on the Liverpool market.
Patten Allies Say "Wait."
In the Bartlett -Patten offices 1t was
stated that there was no reason to change
any statement previously made by Mr..
Patten. The break in prices was char
acterized as a furry The lost ground.
it was said. would be regained without
manipulation. Timid holders. it was de-
clared. were unloading. frightened at the
decline or because their resources were
insufficient to maintain them in the mar
ket..
1t was this class Of traders mainly who
expressed curiosity as to Mr.. Patten' s
present views. Despite his assertion that
he is not manipulating the market. they
expected that he would prevent any such
slump as the present one.
Among Mr.. Patterns allies and init
mates. however. the word wait was
spoken optimistically. although some OF
them said 1T 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 among traders
whose resources have given out and their
trades closed.