The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-04-16
Sudden Developments.

The speculative day on the board
opened without indications of the sen
Sation TO come. Nav and Jul" quietly
rose to a new high price, the former to
Si.29 IA and the latter 20 s1.ls IS.
July price WAS the highest since 1877.
but neither mark created unusual COM
meiit, Either one or the other Of the
options mentioned has been doing the
Same thing since the first Of tho month.
There has not been a trading day since
then that one or the other has not
created new top price
Pattcn bought and sold as usual,
mostly buying July and selling May,
He IS said to have disposed of one
million bushels of his MAY holdings TO,
day and to he practically out of that
option. His energies arc now ccntcred
largely in July.
"T still have some May he said, =,
"but ] am chiefly Interested now in
July. | ana not paying much attention
to the deferred futures. They are
new crop months.
Coming Of Tornado.
1t was fifteen or twenty minutes
before closing time when the selling
tornado hit the pit. Stop loss orders
came out IN a dcluge. and the bears,
stirred by "A flvc-cent decline at Win.
nipcg based. IT is said. on reselling by
exporters, attacked the market with
great spirit July tumblcd half a cent
at time to sl.l4 IL, an extreme loss
Of 3-S cents; May, in larger Jumps,
undisputcd new crop month, which at
tanned S1.0S rs, declined to $106 "a.
Here the Pattcn purchases made their
influence felt and the close of the scs-
sion found July al Sl.l5 $50 lis 81,
May at Sl27 1-2Co l.21 5S and Scptcm,
Der at $l.06 IA,
Contrast With Year Ago.
in contrast to these prices, those of
year ago arc Of interest. During
April n year ago May wheat sold at an
average of % cents and July around
So cents The first sale Of wheat for
delivery in Nav Of this year was made
here june ~ last, at 50. 81 Whether
it went to Mr.. Partcn is not Of public
record. but he WAS among the earlier
purchasers. Since then the price has
risen nearly 80 cents. This, however.
does not serve to give n line on the
supposed profits Of Mr. Patten and his
associates. No estimate worth consid.
erng can be made.
With the May deal proper TO all in
tents thing Of the past battle royal
will be wagcd in July. Mr. Pattcn, at
inc head of an influential following. in
month, that is flour must be made from
the harvest Of last year instead of the
new wheat usually harvested in the
winter wheat belt in time for delivery
or July contracts. Unusually uufavor-
able weather for planting last fall is
given rs the principal reason for this
belief
Patterns Statement
Mr. Pattcn said today that even if
some Of the wheat were harvested carly
in July il would never reach Chicago
bit would be snatched up by famishing
millcrs before it gets near this city.
"Why,' said Mr.. Patten. "thev are
buying wheat out in Sumpcr county,
Kansas. right now. Do sou know what
that mcars7 That IS tbe 1gacst wheat
producing county in the Unitei Statcs.
and millers there have just paid $3.50
for wheat which the farmers had pre.
vious!y shipped cut, Thcy have to
bring il back"
"HDw about tho five.c"n; decline at
Winnipeg?' Mr. Pattcn was asked.
sit Goesn L mean anything. It's 81
big cash market, but a small one
spcculatively The smaller the spccu.
Continued on Page Two.