FIGHT IN WHEAT PIT.

Dominion, Volume 2, Issue 484, 17 April 1909, Page 5

FIGHT IN WHEAT PIT.

WILL THE CORNER STAND? ," . HOW MR. PATTEN CHECKED A SLUMP. FUIUOUS BUYING. ((IT TXT.KUItAr.II— I'ltBHH ASSOCIATiON-COrtRIOIIT.) (Rcc. April 16, 10.58 p.m.) - . ' New York, April 16. Tho Chicago wheat market is demoralised. May wheat slumped to 126 cents,, and te 1H cents, until fifteen minutes before the close of the Exchange, when Mr. Patten (tho cornofing speculator) furiously bought three million bushels. . • ■•.,„;■■.,; .; ■. May then rcoovered to 1271 cents, and July to 115$ cents. Enormous;business.was transacted.' ■'■'' : , ; ,'■ ••,"■ • CAMBLINC IN "FUTURES." :.. . PROHIBITORY- BILL. " (Rec. April 16, 10.68 p.m.) ;... Washington, April 16. Mr. Scott, chairman of the Committee of Agriculture, has introduced a Bill in the Houso of Representatives at.. Washington prohibiting dealing:in "futures" in connection with wheat,: cotton, and agricultural produce. .. .. -,-.■.■ ■ ; - ■ ; .■■'■ '•'■ London, April 15. The American visible supply of wheat is 59,112,000 bushels, , v Melbourne, April 16. The price of the four-pound loaf has been raised to sevenpence. ■'..-. .'. ■ ■ .. •. i .. . . -.. ■ .;Y "■;::,;• SOUTHERN MARKETS. . ,'.-'.; ;THE; PATE OP .THE LEITEB CORNER. ■■'.■. ■'■ :Cnt TELEGEATH—ritESS ASSOCIATION.) Christchurch, April 16. .The wheat market during the past week has been considerably agitated by. the cable .news of heavy speculations in 'America. A few years ago a "corner," worked by Mr. Leiter, jun., of Chicago, wliich [ resulted disastrously, for him, created a similar stir. On that occasion the Home market was not affected to a great extent, but now it,seems more inclined to respond to the rise in prices effected in America. Whether this is merely a "flash in the pan", will depend' upon nSws from Londoji in the next week or two. i ■ ' ■ ,■'■.. In tho % meantime both Australian wheat (oargoes of which have been sold up to 435. 6d. within the last few days) and New Zealand wheat have ;been in demand for export. Locally there has been some speculative purchases made in view of; the fact that there Is slipping spaco available by direot steamers. Since the middle of last week wheat has risen sd. per bushel, and is. has been freely offered and accepted. The exporters were the principal buyers, and millers have had to respond to'the advance, thfcugli' they are not inclined to purchase to any extent at an extreme price. Haiders have now become fttnicr, and are asking Is. Id. to Is; 2d., bnt it is reported that 45.. is the outside price that has been paid at country stations. Tho largest transtetion reported is of a mixed lino of' 30,000 bnshels at. 45., at station, and the same money was refused, for another large..line.'- Pearl and Tusrian are most in demand, and a. good line of pearl alone would, probably command a little more money if the'market retains its present strength;; The' shortage of sacks is restricting the offerings of both wheat ■ and oats, as farmers are unable to get on with their threshing operations. ■,;■•-.'■■, ■■; . . .... ■' • , ~.