The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1909-04-23
TREMENDOUS
DRIVE AT
v HEAT
Spells End Of Big Bull
Market-Slump in Prices
Continues

Chicago, April pa further trc-
mendous drive at the so-called wheat
corner today. to many traders spelled
the end Of the big bull market July.
near the close, touched $1.09 5-S and
May $1.21. May closed at this figure
and July only frac,ionally above it.
Has the bull campaign in wheat,
so far as the public is concerned.
been abandoned7
Has the bull leader, James A. Patten,
now on his way to visit the ranch OF
friend in Colorado, changed his
views?
These and other questions unthought
of week ago, were rife on the board
OF trade today. when the slump in
wheat continued, prices reaching a
point to 8 12 cents below the rec
ord price of last week. when Mr. Pat
ten declared that wheat was worth in
trinsically every cent being paid for
1t.
"Just a week ago, May wheat here
sold at $1.29 IA. and July at s11S
7-S."
Repeatedly asked If he had a corner
In the two deliveries, Mr.. Patten en-
phatically denied that he had assert
ing, amidst the quotation OF crop stat
istics and prospects, that actual users
of wheat were responsible for the high
price, and that the cereal was worth
all that was being paid for It.
Even were | entirely out of the
market prices would be as high or
higher than they are" said the bull
leader.
Since then. the market has Eeen de-
clining in a way which the ordinary
followers of Mr.. Patten have been un-
able to explain. Today, instead Of the
recovery expected after the six cents
decline of Tuesday and Wednesday,
the market opened extremely nervous
and weak, May sold at SIPS early.
rs under yesterdays close and Is
cents below the high price of last
week. July, In which the bulk Of the
trading has been done recently. de-
clined to S1.16 3-S or 8 1-2a5-S cents
below yesterdays close, and -
cents under the record price of last
Friday. To these prices, the market
steadied, but showed no evidence of
recuperative power, Bears jubilantly
pressed their advantage, and pointing
to the weak foreign markets as indie
atiye of the correctness Of the bear
movement that there is no worldwide
shortage OF wheat. Stop-loss sales
were numerous,
Armour, who in recent interview.
upheld Mr.. Patterns bullish survey of
conditions. and whose house was cred
tied with buying yesterday. was ru-
mored to be selling on the Liverpool
markets.
In the Bartlett-Patten offices II was
stated that there was no reason to
change any statement previously made
by Mr. Patten The break in prices
was Characteristic furry. The
lost ground. it was said, would be re
gained without any manipulation,
Tlmld holders it was declared were un-
loading, frightened at the decline, or
because their resources were INSULT
cient to maintain them In the market
II was this class Of traders, mainly
who expressed curiosity as to Mr.
Patterns present views. Despite his
assertion that he was not manipulating
the market. they expected he would
prevent any such slump as the pres
ent one.
Among Mr.. Patterns allies and inti-
mates, however, the word walt" was
spoken optimistically. although some
of them said: at looked funny the
way the market acted"
The eight-cent decline has made a
big hole in paper profits, although to
what extent no one can say how much
the longs held OF what price pur-
chased Also there have been heavy
actual losses among traders whose
resources have given out and their
trades closed.