Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1909-04-16

But It Is said there Sis no further ex-
treme of economy to which they can
60 and meanwhile they allege that
their net earnings are nil. So Tar,
however, no concentrated action has
been taken with regard to the situa-
ton. ~ W.: . *. :, 3 .
The speculative day on the board
opened without any indication of the
sensation to come. May and July
quietly rose to new high prices, the
former to $1.29A and the later to
$1.1SH. The July price was the high
hausted reserves, but neither mark
created unusual comment. = Either
one or the other of the options men
toned had been doing the same thing
since the first of the month. There
has not been trade since that one
or the other has not created a new
top price. .''&>' y 49,! ~" 'a.'.
Patten bought and sold as usual
mostly buying July and. selling May.
He is said to have disposed of. 1,000,-
900 bushels Of his May holdings to-
day, and to be practically out of that
option. His energies are now cen
tered largely in July. -. III. ~
IT still have some May" said Mr..
Patten, "but am chiefly interested
now In July. I'm not paying much
attention to the deferred futures"
It was fifteen or twenty minutes
until closing time, when the selling
tornado hit the pit. Stop loss orders
came out in a deluge and the bears,
stirred by a FIVE cent decline, Winni-
peg based, it was said on reselling by
exporters, stirred the market. with
great spirit. ....s
July tumbled half a cent at time
to $1.14h, an extreme loss of AZ
cents. May in larger jumps dropped
to 1926, and September an undisput-
ed new crop month, which had at
tanned $1.0sN, declined to $1.05A.
Here Patten purchasers made their
influence felt and the close of the
session found July at $1.15M, May at
$1.27h to Is, and September at LOG
". .... - ~ ...=z...,. -
In contrast to these prices, those
Of a year ago are OF interest. During
April year ago, May wheat sold at
$1.05 and July around IS cents.
The first sale of wheat for delivery
in May Of this year was made here
at 89N. Whether it went to Mr.. Pat
ten is not q 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 line on the supposed
profits of Mr.. Patten and his assoc
iates. No estimate worth considering
can be made, for were details of their
operations known i: is safe to say that
the same capital has gone into the
July deal, the outcome Of which, of
course, cannot be predicted.
With the May deal proper, to all
intents thing of the past, battle
will be waged In July. ..'-'.'
Mr.. Patten, at the head of an in
fluential firm, insists that July will be
an cid crop month, that is -four that
must be made from the various in
terests. of last year, instead Of the
new wheat usually invested in the
winter wheat belt in time for de-
livery on July contracts. Unusually
unfavorable weather for Planting last
fall has been given as the, principle
reason for this belief Mr.. Patten
said today that even II some Of the
wheat were harvested early in July
It will never reach Chicago, but will
be snatched up by furnishing millers
before it gets within hundreds Of
miles of this city.
"Why," said Mr.. Patten, waving the
cigar stub which had served him
earlier in the day, but which had been
unlighted for hours, they're; buying
wheat of Sumner county, Kansas,
right now Do you know what that
means? That is the biggest wheat
producing country in the United
States, and the ,millers there have