The Birmingham age-herald., 1909-04-15
EATEN DOES NUT
 CONTROL WHEAT Chicago Grain Man Says There
 Is No Corner WHEAT CROP VERY SHORT Patten Says He Win Stay In Market and Has No Concern About Possi-
 be Government Inquiry
 Into Speculation.
WHEAT CROP VERY SHORT

Chicago, April 14.-The appeal of Pitts burg bakers to Secretary of State Knox to take steps to end manipulation of wheat and other markets excited comment today by James 4. Patten of Chicago. popularly alleged to control the present market for the high-priced cereal.
 Tn the first place." said MT. ,Patten, q don't control the market My line at no tine has run over 10o00,O0O bushels. I Lave preached the gospel of higher wheat because saw what was coming. l saw it first, I believe. but when it comes to controlling the market there are POO or 300 men who have bought who have some thing to say about that"
 Mir Patten at this point in the interview paused to open a telegram which had been handed him; he read it smiling grimly, and then remarked Now, what do you think of that2 Here it is reported on the board that I am disgusted with the whole wheat business because of crit icism and am going to get out"
 The so-called wheat king" tossed the offending note on his modest desk. tugged savagely at his thick gray mustache and resumed
 "Im a grain trader. and I don't intend to quit. I bought when the market looked cheap as did others who accepted my views. and I'm going to sell it at profit if can. I have already sold a great deal. I have more to sell. and when any body offers me a proper price I will sell more l sold some this morning cash stuff-at s1.42.
 This is no corner. no manipulation. Others who bought May sell as demand develops"
 MT. Patten then diagnosed the situation as he understands it.
 For three or four years this has been coming, and l saw it. At the end of each crop bins were empty everywhere. With increased population here and abroad it was obvious that sooner or later the crop of one year would be exhausted before new crop was at hand. L. if not earlier, 1 saw it coming. I bought wheat and my friends did likewise The great minimizing public here and in Eu- rope would not or could not. see what was coming. Liverpool would not buy months ago. thinking the prices of that day too high. Now Europe wants 55,000.- GOO bushels The harvest was early last year. It has been trying to cover l3 months instead of the usual 12 and 1t can t do it. We need wheat for the mills right here in Chicago now.
 Maybe some of the shorts will de- liver it to you on your May contracts" ." was suggested.
 T wish they would. for there is not any to speak of here. We could use half a million for the local milling trade today.
 Heres another point. If we hadn t bought wheat mean myself and oth- ers--the price would be higher here than it is. Europe would have taken it for the foreingers finally recog- nized the weakness of their position and where would the domestic supply have come from? We would have been compelled to buy from the very Euro peans we sold to. I regard it as for tunate that it was Americans who first diagnosed crop conditions and took ad vantage of 1t.
 This was not phlantrophy. My business is buying and selling grain. I trade to make profits, but this talk of manipulating is all rot"
 There was no ticker at MT. Patten's desk and his desire to learn what the market was doing terminated the in terview. The tape showed that May had quietly established a new high price, s1.2S16, and that July was selling at $1.17A.