Daily press. [volume] (Newport News, Va.) 1896-current, 1909-04-16
BUT LEADER PATTEM SAVES THE DAY
Bull Leader Hurls in Buying Orders
Estimated at Three Million Bushels
and Routs Bears-Rakers Disturbed
Over Situation Created by High
Flour Prices.
(Rv Associated PrcSs.)

CHICAGO, ILL.,. April l3.-U was
a day of tumult and sharply shifting
fortunes in the wheat pit of the
hoard Of trade today. July wheat. fol
lowing a docile advance to new
high level, suddenly dropped an ex-
IRENE 1 IS cents. The pyramid" for
tunes Of small spectators vanished in
trice. and the day was saved from
rout only lv the vigorous exertions Of
the ball leader, James A. Patten.
Within the last fifteen minutes OF
trading Mr. Patten bought 100000
bushels of wheat for July delivery.
Nothing but q furry he said but
that was after the turbulent lit had
been deserted for the day. During
that final quarter of an hour he was
a very busy man Into the corridor
of the Western Union building in
which the Bartlett-P atten Offices are
located fioated the sound of high
pitched, nervous voices as clerks at
the telephone shot in buying orders to
other clerks in the pit.
BUYING Orders Went Fast.
BUY fifty. Buy a hundred. Buy
twenty-five" The numbers referred
to thousands bushels OF wheat. and
there were many smaller ones-so
many, in fact that not all Of them was
filed. .'-< --~~
1t was a physical imposs;bility to
do SO. 1t was Patten against the
field. and the final gong showed that
the former apparently was as mighty
as ever. His purchases and those OF
his followers, together with the profit
taking Of shorts who lost no time in
securing the fruits of their bearish
daring, caused reaction of over a
cent all along the line But before
this occurred the hoard Of many
small Spectator had gone.
In hundreds of bakeries it was a
different scene. Flour had rises and
they could not figure out where their
profits were coming from unless the
price of bread could be raised.
Flour Prices Soaring.
According to one Of the largest
bakers in the city the price of -four
has doubled in the last six years;
lard has done likewise; milk has ad-
vanced 33 1-3 per cent. delivery
charges have doubled and yet the
price of bread remains the same.
Three years ago when flour prices
were on a rampage many bakers
saved their profits by reducing the
weight and quality of -four used. But
1t is said there is no further extreme
course to which they can go. and
all their net earnings are nil So
far. however no concerted action mas
beer taken with regard to the situa-
ton.
II was fifteen minutes before clos
ing time when the selling tornado hit
the pit Stop loss orders came out in
a deluge, and the bears, stirred by
five cent decline ct Winnipeg, based.
il was said. on re-selling by exporters.
attacked the market with great spirit.
July tumLied half a cent at time
to $1l4 1-2. an extreme loss of 4 3-S
cents: May in larger junirts. dropped
to S12S. and September. an undis-
puted new crop month. which had at
tanned $1.GS rs. declined to $!.05 "a.
Here the Pa;ten purchases made their
influence felt, and the close OF the
session found July at ST.. SIS at -:
Ma; at $I.27 ~ at SO and September
at 81 oS IL.
In talking with Newspaper men to-
day Nr. Patten referred frequently TO
himself as a steculator as well as
general merchant. and incidentally.
admitted that ne is long Of cotton.
Haven't you enough on your
hands in wheat without dat6ling in
cotton came a query.
We'll. I'll be frank. I'm a general
merchant but I'm spectator as
we'll like to speculate. Its great
game. The way II looks to me Is this:
Cotton at the present price If just
about as cheap as wheat would b.
around a dollar. SO I take flyer. but
believe me. I'm not trying to manapu-
late IT,