New-York tribune., 1909-04-20
PATTEN SELLS WHEAT
tYOJDS PRInARY M4R-
KETS IN UNFOLDING.
Machinery of His House Erpf0'ne0
by EmpIoye-AnsOers CT7t'-
cism by Ministers.
rBy Telegraph to Tae Tsibupe.l J

been
ten corner" in wheat. James A Patten mas se'id
that the present high prices are due TO snort
age in the crop and that wheat is going higher
If this is the case a few people who are cog
infant of his operations wondering says
..rhe Tribune" why he has been worrying MS
force in Chicago and other primary points hlsHt
and day for months trying TO dispose OF his caslI
wheat holdings.
According to The Tribune" young man
who is employed in the cash wheat end OF rat
tens business reluctantly admitted to-day thd'
he had been working early and late 1or tAe last
three months trying to sell as much wheat as
possible. His story is an interesting side hgHt
on the great wheat deal which is now in prog
ress, and incidentally reveals the enormous ma
chnery at Mr. Patterns command
Yes, it is true 1 have been working my head
off trying to dispose of all the cash wheat
could said this employe. Mr. Patten has
agents in all of the primary markets, and they
have all been working 10 the same end. our
instructions have been. however, not to sell any
wheat in the primary markets, and we have
been compelled search out consumers and
buyers in remote places, object being to
reduce the amount of wheat in the primary
markets much possible.
The situation is about like this: The more
wheat we can get out of the way-that is to
say the more we can sell in places where there
is no chance of it being shipped back to be
delivered on contracts-the safer Mr. Patten
will be in carrying through his deal 1t has .
been pretty hard work to get rid of this wheat
in places where we could be sure it would not
get back into circulation again, but we have
been at it now since the first of the year and
in the aggregate have got rid of a good many
million bushels"
POSITION OF THE MILLERS.
The position Of the milIers has been explained
to be similar to that of the banks during the
financial panic a year and. half ago. They
have controlled the surplus wheat, but they
have kept it locked up in their bins. not know
ing how high the premium on 1t might go
Knowing this Mr. Patten has been chiefly con-
cerned in corralng the floating supplies outside
of the millers' bins and getting it out Of the
way by merchandising it in places where it
would not get back to the primary markets or
else keeping it tied up in the elevators
BY this means says The Tribune" ne has
been able to create an apparent shortage, which
has been the means OF keeping the price Of cash
wheat high.
Selling attributed 10 the Patten interests. al
though on a moderate scale sent the price OF
July wheat off on the Board Of Trade to-day.
the close on that option being 2is cents under
Saturdays final figures. Al one time July sold
-. ..rfu.~ I'll.
'' -. t -, - -.
- -, - s11--l
u'''''' "N''" ''
SilEil IoSS'S "''s "'''' WI '''' o''''' '''''
S!N-c@ht oreau seems assured III Oii'0"5o'
'he prominent HdNe' i'"S "a '''t -
VIII "HNd"'t 'S - - ~" no -
eAd'i'P'' VIII "' i''""' - ' ''
others.
NO meeting OF bakers VIII ue he'd mere Is
tod fg an aIy af
prices cou'' be prosecuted u''ueF 'he 'i-''"S'
law
MI. 4a'leh 'Np'tSS'" ls'''''h ~ "''''"'S7
when informed that Mtth"dlSl ministers OF Nlh-
Cinnau had condemned the action which cor
ncred wheat in Chicago"
bod, who knows anvthfnp ahou+ conditions
49,. -. , ,..-..,., =, -. -,
h"o"S '"' maven '''i'i'" Nie"'' ->'"'"S
has Jorncrcd it, Prices arr high and they want
~ .c.,.e.,.t 7 an, tho man cboear II 7 e,l5
-,
every gram oA wheat nave the price "oui''L !
drop
IF these ministers who want to preach with
tbe{r .vee ,rida npar ,,.,,,Ia ,ur,, IN tba eoh,,
I'"1h'O P"bS Vi '"''' paper 'i'9''du VI Sei!Sd-
c., -, -, 49,. N. It ..+.-...,,.~'.
I'D mot b, made
PREACHERS AND NENSPAPERS.
..e,.,,o ,,r,, . O 1 10, III, 1900
stir up sensation. The preachers and papers
go about IN much the same way As Tor the bak-