New-York tribune., 1909-04-17
PATTEN BEYOND LOSS
NOW IN DISTANT OPTIONS.
Hopes to Keep Prices Up-PreseHt
Profits Placed at 81 900 ,0OC.
[Rv telegraph to The Tribune ]

Chicago April 16-The Patten pool has cleaned
up between 100000 and S5,OOOOOo on the May
wheat deal. OF this amount James A. Patten mas
pocketed fully two.thlrds. In the mean time the
bakers are protesting against the high price or
-four. millers complaining about the hctltlous
value wheat, and representatives from the De
the market here.
Mr. Patten is said to have engineered his corner
beyond any possibility of loss, having Unloaded
some twenty million bushels of the May option
There are still some eight million or ten million
bushels of real wheat however, which have been
sold to him by such large elevator concerns as Ar
mour the Northwestern Elevator Company and
Peavey for delivery in May which he Will be forced
to absorb He still hopes TO hold the price OF cash
wheat at an abnormal level by manipulating July
and the more distant options until he can dispose
of this actual commodity. Even If he cannot sell
al a profit and has to take loss, he has worked
his corner so he will still be ahead OF the
game.
Meanwhile small bakers have beer obliged TO sus-
nend business big bak kers selling short weight
Ioayes AZ an actual loss and the millers have re-
sorted TO unheard of methods OF premium of1ers 10
stimulate the sales of -four which threaten to be-
come absolutely stagnant
CITY SeaIer X KjeIlander has started out on a tour
Of investigation to how much short weight
bread is being sold He purposes making the bak-
ers abel their loaves showing the weight they are
selling for five cents If he cannot make them
sell fun sixteen-ounce loaf for FIVE cents.
Flour higher than 1t has been since the Span
!sh- American War. For a few months during the
was -four sold high 81 q barrel but the stand
ard price for number of years has been - 80
Only last October -four selling in Chicago at
81 80 a barrel by the carload, and some bakers
still have a small supply of -four which they bought
at that price. To-day, however. bakers had TO pay
s. go a barrel for carlots the small baker paid
as high IS 70 a barrel for a wagon load.
Samuel +. Loveless. secretary Of the Schulze
Baking Company, said There is one means that
the government can take which Will be effectual in
reducing the price of wheat, and consequently -four
If the present duty of 25 bushel were 10 be
taken off wheat, there would be influx OF Cana
dian wheat this country which would result IN
a slump in the price Of % cents so fast that the
naked eye could follow the movement That
duty is what is keeping the price Of flour UP now
for although there large stocks of wheat IN
Canada, they cannot be brought into this country
without payment Of a duty which Just about Offsets
the difference IN the price
The story that Mr. Patten has employed a body
guard has no proper foundation The coored man
alleged to occupy this position has been At the
same door receiving visiting cards for generation.
He was there before the name of Petten had De
come 10 conjure with.
While the wheat market was active to-day. II
lacked the sensational features Of YESTERDAY Prices
we're depressed early July touching 81 l59s ana
MAY 81 25S. but the close strong, with July the
bone Of conenton IA cents over the previous close
Nav closed n hal lower at 81 27ts