THE WHEAT GAMBLE.

Dominion, Volume 2, Issue 482, 15 April 1909, Page 5

THE WHEAT GAMBLE.

SELLING SHORT. A SPECULATOR'S PROFITS. 3IG OPERATORS FORCED TO BUY IN OPEN MARKET. iiYTKi.rGiurn —ruEsa association corvniGiiT.) London,, April 13. Tho New York correspondent of the "Daily Mail" reports that it is rumoured that Mr. Patten, tho wheat speculator, caught soveral S'ew York millionaires selline short, and they yore forced to buy in the public market to -neet their engagements." Fifteen million busliols of wheat are stored 11 tho Dulutli district. No attempt has been nade to send it to Chicago. It is supposed ;hat Mr. Patten and his friends control tho supply. Mr. Patten's profits yesterday totalled a iiundred thousand pounds sterling. WHAT PATTEN IS HOLDING FOR. (Rec. April 14, 10.20 p.m.) Now York, April 14. Slay wheat in Chicago has risen to 128 ;ents., July to 117 cents., September to 109 ;ents. Mr. Patten is holding for 130 for July, and 125 for September. During the .veek a syndicate holding ten million bushels ioincd Mr. Patten. THE PRICE OF FLOUR. INCREASES IN SYDNEY AND NEW ZEALAND. (Rec. April 14, 11.5S p.m.) Sydney, April 14. Flour advanced to-day by 10s. a ton. PRICE RAISED £1 PER TON. Yesterday the price of flour was raised £1 per ton. On inquiry yesterday our representative was informed that flour (in sacks) was now selling at £11 10s. f.o.b. in tha south (less 2i per cent, discount). New Zealand requires about 6,000,000 bushels of wheat for her own requirements, but owing to an abundant season a surplus of 2,000,000 bushels over and above that quantity was produced, and this tho farmer is holding as iong as possible in anticipation of a rise, which has come.. _ SoVthe case is presented of a phenomenally rich harvest of wheat existing conjointly with a rise in tho price of (lour—which is, of course, attributed to the high prico ruling for wheat in all the big markets owinf to the reported shortage of the world's supplies. UP COES BREAD. INCREASE IN THE METROPOLIS. (Rec. April 14, 10.20 p.m.) London, April 14. Tho prico of tlic quartern loaf in London iias been raised to 6d. The bakers are demanding a rise to 6Jd. and (d. DEARER BREAD IN LONDON. The decision of tho London Master Bakers' 1 Protection Association to raise tho pnoe ot bread one halfpenny per quartern loaf becomes operative to-day (writes the Daily Mail on March 1). The price to-day, as compared with last week, in various districts in Loudon will bo approximately i— To . day . LasnYc€l , • ■ per ■ ■ per quartern, quartern. West London 6d. 6£d. 5Jd. 6d. East London Hd. sd. North London South London fid. GJd. 5Jd. 6d. While not attributing the immediate cause of the rise in prico to what has been stared to be tho .comparative failure of the wheat crop in Argentina, Mr. W. Neave Hill, one of the largest members of tho bakery trade, says that the wheat crop of Argentina is expected to fall from 17,000,000 to 15,000,000 quarters. I have read," he states, "that it is more likely to yield only 11,000,000, and if this statement is correct it is a certainty that bread will go higher still than it is to-day.'