Jasper County Democrat, Volume 12, Number 7, Rensselaer, Jasper County, 24 April 1909 — 4 CENT BREAK IN MAY WHEAT [ARTICLE]

4 CENT BREAK IN MAY WHEAT

July Cereal Takes Tumble of 31-2 Cents. KING PATTEN UNLOADING Ample Evidence All Airing the Line of an Almost Panicky Haste to Get Rid of Wheat —Everything Tends to Contradict the Theory That There Is a Scarcity of the Grain—Argentina and Austria Make Heavy Ship . ments. Chicago, April 23. May wheat broke 4 cents and July went down 3% in the midst of a selling flurry that lost none of its excitement from the fact that James A. Patten was represented among the heaviest of the sellers. Mr. Patten was not in evidence personally on the firing line, for the “wheat king” is speeding westward, his goaj being a ranch in Colorado. But Mr. Patten’s house, Bartlett & Patten, was well represented by brokers, who kept unloading as rapidly as conditions would permit, and instead of being a leader of the bulls the Patten attitude was completely reversed. And all along the line the people who have been following Patten there was ample evidence of an almost panicky haste to get rid of wheat, the selling being furious. Meantime everything tended to contradict the Patten theory of a scarcity of the grain. The wheat-producing countries of the southern hemisphere which had been listed as being extremely short of the cereal were heavier shippers during the last week, according to a footing up of information, than ever before. Argentina alone Sent out no less than 2,890,000 bushels of wheat. Australia also has been a heavy shipper. At the same time comes intelligence from all sections of this country of the finest kind of wheat-growing weather ar.d all the pros; ects looking toward cnc of the ! ; st crops in many years.