Jasper County Democrat, Volume 12, Number 5, Rensselaer, Jasper County, 17 April 1909 — FLOUR SOARS; PATTEN CALM [ARTICLE]

FLOUR SOARS; PATTEN CALM

Ibeairit Filled Viltlfllt. ing, Coatless Men. HAY DELIVERY IS GOING UP Wheat King, When- Told Flour Had Jumped from $7 to $9 Per Barrel, Remarked: “Some One Is Being Robbed, but They Don’t Need to Yell ‘RcLber’ at Me’’—Seven Cent Bread Threatened in New York— Mii.era Pvt Up Price of Flour. Chirryo, April 16.—May wheat up to ?L*• board of trade pit was a wrii'-'r^f:: . uggling, coatless mass of •shot-Tin;;-: r -ticulating men as the May dellveiy : i tod upward toward the close of th market. It seemed as though it would reach $1.30 by the close of the day's trading. “I don’t doubt that it may reach the thirty mark. It would have been well above that if I hadn’t lightened to steady the market,” said Jamc3 A. Patten, the “wheat king,” as he glanced at a telegram. “And did you know that the price of flour had jumped from $7 to $9 a barrel, and that 7 cent bread is threatened in New York?” the big operator was asked. “H —m. No, I hadn’t heard that,” he mused. “I can’t but doubt that about flour. “If flour has been put up to $9 someone is being robbed. That much is sure. But they don’t need to yell ‘robber’ at me. Look here. Supposing wheat is $1.30, which it isn’t yet, it takes about 4% bushels of wheat to make a barrel of flour. That is less than $6.50, isn’t it? Then why a price of $9? You can see it isn’t myself or any other trader that is responsible for that." ' “But flour could hardly sell at a profit at the $7 price we have been having, could it?” was asked. “Why not? Fifty cents for milling and profit. I’ll do It for you at that. Just as much as you want,” smiled the “king.”