Omaha daily bee., 1909-04-16
DAY OF TUMULT
In WHEAT PIT
July Advances to New High Level
and Suddenly Drops More
Than -Four Cents.
SMALL sPECULAToRs RUINED
Pyramided Fortunes of Little Fellows
Vanish in a Trioe.
PATTEN FINALLY PREVENTS RoUT
Big Bull Leader Buys Three Million
Bushels in Few Minutes.
PRICES RISE AT THE CLOSE
Fraction of Loss IL ReRaincd as
Result of Vigorous support
Battle Now Transferred Co
the July option.
Pyramided Fortunes of Little Fellows
Vanish in a Trice.
PArTEN FINALLY PREVENTS RoUT
Big Bull Leader Buys Three Million
Bushels in Few Minutes.
RIcEs RISE AT THE CLOSE

CHICAGO. April 15.--It was a day Of tu-
mutt and sharply shifting fortunes in the
wheat pit of the Board of Trade, July
wheat following an advance to new high
level. suddenly dropped ~ cents. The
''pyramided' fortunes Of small spectators
vanished in trlce and the day was saved
from rcut only by the vigorous exertions
Of the bull leader, James a. Patten.
Within the last fifteen minutes of trad
ing Mr. Pstten bought 100000 bushels OF
wheat for July delivery. Nothing but a
furry" he said. but that was after the
turbulent pit had been deserted for the
day. During the final quarter of an hour
he was a busy man. Into the corridor OF
the Western Union building, In which the
Bartlett-Patten offices are to be found.
floated the sound OF high-pitched, nervous
voices as clerks at the telephone shot In
buying orders to other clerks In the pit.
Buy fifty, buy hundred, buy twenty
five" These numbered thousands of bushels
of wheat, and there were many smaller
ones. so many in fact that not all OF them
were filled. 1t was physical impossible
ity to do So
Patten Directs Campaign.
Mr.. Patten personally visited the floor
OF the exchange and directed his own
deals by word OF mouth. 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
lolloWers' together with the profit-takinK
OF the shorts' who lost no time In securing
'he fruits OF their besrish daring caused a
reaction OF over cent all along the line.
5ut before this occurred the hoard Of many
small speculator had gone Il
Far from the maddening strife In the
BOARD, In hundreds of bakeries, there was
uIIerent although related scene. Flour
uau risen and bakers, with corrugated
orows' were trying to find out where their
plotns were coming from unless the price
OF bread could be raised.
Troubles of Bakers.
Aocordlng to one Of the largest bakers
:" the clty the price OF flour has doubled
~ 'he last SIX years, lard has done like
wiSe mix mas advanced 80 per cent, de-
"NerS charges have doubled and yet the
price OF bread remains the same. so,na
yeals ago When flour prices were on a
rampage many bakers saved their prori,s
by reducing the weight of their Ioavas and
the quality Of flour used. But n 4. sa,,
there is no further extreme of econornv 10
Which they can go and meanwhile ths,
allego their net earnings are nil. So ,ar
however no concerted action has been
taken with regard to the situation.
Day Opens with Rise.
The speculative day on the board onoro6
"ithout indications of the sensation tn
come May and July rose to new high
prices' the former to $1.29h and the latter
'o Siles' The July price was the hixhest
SINCE ls"' when European war exhausted
resources but neither mark caused unusual
VoHiileht' Either one or the other of the
opuohs mentioned has been doing the same
thing since the first OF the month. There
mas not oeen trading day since that ono
or the other has not created a new tor
price. top
Fatten bought and sold as usual. mostly
buying July and selling MAY. He is ssid
10 nave disposed of 100000 bushels of his
may holdings today and to be praeticsJIy,
out OF that option. His energies are nor
centered largely i'm July.
4 still have some May" said Mr.. pate,
nut LIN chiefly interested now in .InIv
m not paying much attention to the dc
'o'ieu iutures' They're new crop months"
Tornado Hits the Pit.
was fifteen or twenty minutes untu
closing time when the selling tornado bit
lhe pit Stop-loss orders came out IN a
ueiuge and the bears, stirred by a 5-oent
uecnhe at Winnipeg, based. Il was said.
on reseliins by exporters, attacked the mar
Ae' win great spirit. July tumbled Y cent
at at time TO NlAh an extreme loss of
.7s cents May In larger jumps dropped 10
sT9o ana september an undlsputed new
crop month. which had attained sloez
declined to s1OS9s.
Here the Patten purchases made lheir
Influence felt and the close oe the ses.tn,,
found July at $l.15tsai. .l5a. MAY at a g7,I
al'z'% and September at 81 .06I..
in contrast TO these prices those Of a
year ago are Of interest. During April a
year ago May wheat sold at an average OF
- cents ana July around IS cents. The
I'sl sale OF wheat for delivery in Nav of
ms year was made here June "a last Al
s@t cents. Whether IL went to Mr.. Pa,tsn
s not OF public record. but he was anon,
ne carrier purchasers. Since then the nr,ce
mas risen nearly 30 cents This. however,
Toes not serve TO give line on the sum.
POSED Profits Of MIR. Pattsn and his asso-
mates No estimate worth considering can
Dc MADE Tor even we're details OF their on
'rdt'ohs known II is safe to say the snrne
.apl'"i mas gone into the July deal, the out
ilcted.
Bis Battle on July COMING,
with the May deal proper 70 all intents
thing of the past battle royal will he
'aged In July. Mr. Patten. at the head of
N influential following, insists that J,,lv
VII be an old crop month--that is. dellverv
must be made from the harvest OF last
ear instead u the new wheat usually
AfFes,ed IN the winter wheat belt in time
OF uehNery on July contracts. Unusually
lhiaVorable weather for planting last fall
gwen as tne principal reason for this
'elief Mr. Patten said TODAY thar evs, 40
'ome Of the wheat were harvested earl, IN
Iuiy II viii never reach Chicago. bui vy,u
e snatched up by famishins millsrs before
gets within hundreds OF miles of this cit,
Why said Mr.. Patten. they're buy,ns