Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-04-14
James A. Patten Denies He Is
Manipulating Market.
JUST FoREsAW SCARCITY
Regards It as Fortunate That Ameri
can Seized Opportunity.
WHAT MIGHT HAVE HAPPENED
Never Has Had Control-Advance in
Price Due to Inadequacy Of Sup
ply to Demand.

CHICAGO. April 14-The appeal of
Pittsburg bakers to Washington authori-
ties to take steps to end manipulation
of wheat and other markets excited COM
ment today by James A. Patten OF Chi
cago. popularity alleged to control the
present wheat market.
I'm the first place. said Mr.. Patten.
Il don't control the market. My line at no
time has run over 10000 600 bushels.
II have preached the gospel of higher
wheat because I saw what was coming.
saw 1t first. I believe. But when II
comes to controlling the market there
are two or three hundred other men who
have bought who have something to
say about that"
Mr.. Patten at this point in the inter-
view paused to open a telegram which
had been handed him. He read it, smiled
srimly and then remarked:
Now, what do you think Of that?
Here 1t Is reported on the board that 1
am disguised with the whole wheat
business because OF the criticisms and
that am going to get OUT
The so-called wheat king tossed the
offending note on his modest desk.
Patten Explains Condition.
IT am q grain trader and don't intend
to quit. bought when the market looked
cheap, as did others who accepted my
view. and am going to sell 1t at profit
II can.
IT have already sold q great deal. I
have more to sell, and when anybody Of
fers me proper price / will sell more.
sold some this morning. cash stuff. at
$1.42.
..There IL M corner no manipulation
Others who bought early sell as demand
develops"
Mr.. Patten then diagnosed the situation
as he understands II.
For three or four years this has been
coming. and I saw it. At tho end of each
crop. bins were empty everywhere. With
increasing population here and abroad 1t
was obvious that sooner or later the crop
OF one year would be exhausted before a
new crop was at hand
Last fall, II not earlier, I saw it COM
ing. I bought wheat. and my friends did
likewise.
in Europe would not or could not see
what was coming. Liverpool would not
buy months ago, thinking the prices of
that day too high. Now Europe wants
% 0O0. 600 bushels.
1.-THE harvest was early last year. It
has been trying to cover thirteen months
instead Of the usual twelve. and 1t can't
do IT.. We need wheat for the mills right
here in Chicago now"
Maybe some Of the shorts will deliver
1t to you on your May contracts was
suggested.
II wish they would. for there isn't any
to speak Of here. We could use half a
million for the local milling trade today.
What Might Have Happened.
Here's another point. If we had not
bought wheat mean myself and others
the price would be higher here than 1t
Is. Europe would have taken it. for the
foreigners finally recognized the weakness
Of their position.
"And where would the domestic supply
have come from? We would have been
compelled to buy from the very Euro.
peans we sold to. / regard it as fortu-
nate that 1t was Americans who first
diagnosed crop conditions and took ad-
| vantage OF 1t.
''This was not philanthropy. My bust
| ness is buying and selling grain. l trade
| to make profits. But this talk Of manipu-
lation is all rot
There was no ticker at Mr.. Patten's
desk. His desire to learn what the mar
ket was doing terminated the interview.
The tape showed that May had quietly
established a new high price .22Shz-and
| that July was selling at $l.17A.