Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1909-04-16
WHEAT KING DENIES
CORNER IN MARKET

CHICAGO, April 1.-THE appeal OF
Pittsburg bakers to Secretary of State
Knox to take steps to end manipulation
of wheat and other markets excited
comment today by James A. Patten, of
Chicago, popularity alleged to control the
present market for the high-priced
cereal.
I'm the first place." said Mr.. Patten,
Il don't control the market. My line
at no time has run over ten million
bushels. 1 have preached the gospel
Of higher wheat because 1 saw what
was coming. 1 saw 1t first, I believe,
but when it 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 oper telegram which
had been handed him. He read 1t,
smiled grimly, and then remarked:
Now, what do you think of that?
Here it is reported on the board that
1 am disguised with the whole wheat
business because of criticisms, and am
going to get out"
The so-called wheat king tossed the
offending note on his modest desk tug
ged at his thick gray mustache, and re-
sumed:
I'm a grain trader and I don't intend
10 Quit 1 bought when the market looked
cheap, as did others who accepted my
views and I'm going to sell it as a pront,
IL I can. ] have already sold great
deal. 1 have more to sell, and when any
body offers me a proper price, 1 will sell
more. I sold some this morning cash
stuff, at $1.42.
This is no corner; no manipulation.
others who bought may sell as demand
develops"
Mr.. Patten then diagnosed the situation
as he understands 1t.
For three or four years this has been
coming and 1 saw IT. At the end OF each
crop bins were empty everywhere. With
increased population here and abroad It
was obvious that sooner or later the crop
of one year would be exhausted before
q new crop was at hand. Last fall, If not
earlier, saw it coming. 1 bought wheat
and my friends did likewise. The great
untihinking public here and 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 100000 BUSH
els. The harvest was early last year. II
has been trying to cover thirteen months
instead of the usual twelve and it can't
do it. We need wheat for the mills right
here in Chicago now"
Maybe some of the shorts will deliver
it to you on your May contracts" was
suggested.
81 wish they would, for there is not
any to speak of here. We could use half
a million for the local milling trade to-
day.
Here's another point-If we hadn't
bought wheat-I mean myself and others
the price would be higher here than it
is. Europe would have taken it, for the
foreigners finally recognize the weakness
of their position, and where would the
domestic supply have come from? We
would have been compelled to buy from
the very Europeans we sold to. regard it
as fortunate that it was Americans who
first diagnosed crop conditions and took
advantage of it.
This was not philanthropy My bust
ness is buying and selling grain. trade
to make profits. but this talk of manipu-
lation is all rot"
There was no ticker at Mr.. Patterns
desk, and his desire to learn what the
market was doing terminated the inter-
view.
The tape showed that May had quietly
established a new high price. $1.2S 1-2
and that July was selling at $1.17 IA.