Evening star., 1909-07-15
WHEAT SPURTS AGAIN
Price Touches $1.29 on Chi
cago 'Change Today.
NEW MARK FOR THE SEASON
Record Figure Established on 1ni-
tial Trades.
|PATTEN CONTROLS SITUATION
Latest Phase Of Grain SpluEge
Which Deacon" Jim Is Pleased
to Call a Natural Corner"
PATTEN CONTROLS SITUATION

CHICAGO. July 15.-Wheat for July de-
livery made a fresh squirt upward on the
board of trade today. when the price
| touched $1.29, compared with S1.26ss and
81 .2sa4. the closing figures of the previous
day.
The new high record mark for the sea-
son was established on initial trades,
opening quotations ranging from s1.271a
to $1.29. The more distant deliveries.
however, were inclined to be weak.
Patten in Command.
Deacon jim Patten, who controls
about all the small available stocks Of
wheat In the west, has evolved what he
calls another natural corner in the cur
rent July option. Spectators who have
been selling wheat short for two months
on the theory that the new crop would
come rushing in. fill up the bins and mills
and swamp the spectators for the rise
awoke yesterday to find themselves in
hole, with Patten in command of the sit
uation.
The new winter wheat crop did not come
with a rush. Harvesting has been de-
layed by rain and floods, and the move
ment has been retarded by the same fac
tors What wheat did arrive in Kansas
City and other southwestern primary
points was quickly seized by millers, and
their appetites are still keen.
Patten controls all the contract wheat
here, less than 100000 bushels. He has
sold and shipped 100000 bushels Of
wheat delivered to him in the May cor
ner," when hesput the price above $1.3O.
He has frequently said July would sell as
high as May. and he is making good his
prediction. The price went up seven cents
a bushel yesterday The rise was due to
much farther II Patten had not let go
of enough to keep the market at $127.
aambled on Scarcity.
There has been a gradual climb from
$114 on July 8. when the government crop
report was issued. The government report
showed an average winter wheat crop
around 400 COO. 900 bushels. But that cut
no figure with the manipulators. 1t is the
present scarcity they gambled on. With
only 15,00O,OO0 bushels In farmers hands
and II. 100000 in the visible supply and all
the wheat in sight along the lakes in their
control, 1t appearsto be certain that they
can put the price Of July where they
please. July opened excitedy above 10
and moved up to 1.27. with close only
fraction below the high point. The later
options advanced only cent g bushel.
A large sleeping" short interest has
existed for some time in the July op-
tion. and the action Of the market to.
day indicated that many OF these trad
ers had become alarmed at crop re-
ports. Warehouse men and professional
traders were said to be the principal
shorts.
Go to the Pit, Says Patten.
When shorts went to Mr.. Patten early
in the day yesterday with offers Of set
tlement 1t Is said they were told to
buy the grain in the pit. The attempt
to carry out this line of action was
the cause of the T-cent advance.
Twice yesterday the pit was thrown
into a turmoil. Demand was so fierce 1t
the start that the price between sales
jumped from one-quarter to one cent
at leap. wild shout rose when the
price touched $l.25. and predictions
were freely made that $3.50 would be
| reached before the end of the month.
AS a result of the sharp advance in
wheat, -four was marked up 10 to 20
cents for the best descriptions of Old
wheat variety, while new-wheat -four
was advanced 10 cents barrel.