The Detroit times., 1909-04-17

CHICAGO. April Thames \ Pat
ten. the wheat king. sold May wheat
freely during the morning and his or
ferings were gobbled up eagerly al
first on the theory that he MAS about
To start a combined raid anu shake
out Later. however. the market
weakened, dipping 10 l25 ga and then
recovering TO l26, around which ngure
IL remained during the morning. July
and September were also weak. Corn
and oats were strong.
According 10 the Chicago managers
OF the Washburn-CrosbyC Co. the Pills
bury-Was hburn Co. and the North
western Consolidated Milling Co.,
which operate what are declared 10
be the largest mills in the United
States and practically tx the price OF
flour. there is no relief in sight from
present conditions They say there is
every indication that the price or flour
will continue TO soar and may reach
$40 a barrel.
The managers of the milling COM
panies deny there is any combination
10 increase prices or TO control bust
ness. c. w Dilworth. Chicago. man
ager OF the Wsshburn-Crosoy Co, In
an interview today. said:
II is not the speculation in wheat
that is Affecting -four at this time. The
price for wheat VIII be stiff all through
the summer The United States has
grown larger crop than year ago.
but the worlds supply is short. There
is wheat, -four and bread famine in
Mexico The price OF Argentine whear
is sl25 and OF Canadian wheat Sl.27
Argentine shipments 10 Liverpool have
been short and this has increased the
Liverpool demand for American ship
ments.
The result OF this situation is ap-
parent. il may sound strange TO some
persons. but selling -four al s. bar
rel AT present is selling below cost.
IL requires five bushels OF wheat 10
make a barrel. Taken al sl.29 Il bush
el the wheat In each barrel of four
costs S.. 10. Add 10 that Sl05 for sacks
or wood basins. freight, storage, de-
livery and selling and carrying ac-
counts. and IL would bring the actual
cost OF a barrel OF flour UP 10 $3.50.
The reason why We are now SELL
ing at 81, below cost. is that We were
not prepared for such rapid jumps
and could not prepare customers for
them.
1T is difficult 10 say just what will
happen. IL would not even venture
To say that there may not be wheat
and -four famine in the United States
when loon around at the condition
in the rest of the world"
Following the revelations that Jas.
4. Patten has been the recipient OF
hundreds of threatening letters, it be-
came known that he has employed a
body guard TO be near him at all
hours OF the day and night TO prevent
violence should any be offered
The present wheat deal which has
pushed Patten into the limelight. has
also served TO arouse cranks and per-
sons of anarchistic tendencies all over
the country. with the result that many
fear Patterns life may be in danger
Three men. Negro and two while
men, are constantly within call OF the
grain king and he never rides in his
alone
In the meantime the prospect or
congressional action directed at the
present wheat situation. combined
with the fact that wheat slumped so
violently at the close yesterday, Gre
ated a nervous feeling in the pit when
il opened today. The situation is re-
garded as critical by brokers. Some
believe yesterdays break presages the
final dissolution OF the Patterns So
called corner" while traders with
bull tendencies declare IL was only a
temporary setback occasioned BY
overplaying OF the market by shorts.