The Dominion. TUESDAY, APRIL 20, 1909. THE WHEAT GAMBLE.

Dominion, Volume 2, Issue 486, 20 April 1909, Page 4

The Dominion. TUESDAY, APRIL 20, 1909. THE WHEAT GAMBLE.

Mb. Paiten, the . wheat speculator, is making a very big effort to "corner" the 'American wheat supplies, and he, is credited with having'realised quite a fortune. Already one firm, that of .ENNis and TopPANUI, has .failed for the comparatively | modest sum of £240,000, and its failure was' due.to,speculation in May',: wheat. But Me. Patten has by no nieans succeeded; with his"corner," nor can- he count the profits he is reported to have made as being all clear money. His reported prophecy that before many months have elapsed people in Europe, will be struggling for bread in famine-stricken queues probably originated from the fertile imagination of an, American journalist. ;■ 'A successful gambler is generally astute enough to keep in the back ground and to say as little as possible to antagonise the public >any more than he can help. Mr. Patten, ' however, will discover, as Mk. Leiter did in 1896, that cornering wheat is not the easiest thing in the world.. It has been tried by manipulators on previous occasions with disastrous results to the operators. 1 ' | The reason that, appears'to have induced Mr. Patten and his friends to embark on this risky opefytion was the report that Americans will require 50 mil'lion bushels of American wheat during the four months April-July. The Secre- . tary for. Agriculture at Washington states that Mr. Patten is reckoning wheat supplies too low, and the statistics appear to ondorse this view; - The visible supply of wheat, as cabled by the Press Association each, week, shows as under;— ' Bushels. March 1 ' ... 65,673,000 , March 8 ... ... 62,370,000 / Maroh 15 ... ..> 61,361,000 ' March 22 . ... . ... 64,188,000 April 8 ... ... 61,986,000 ■ April 13 ... ... 59,112,000 This is only tho visible supply, and what quantity; oxists that has not been disclosed it is hard to say. The figures i given.above are the estimates, of "Brad- ' street's," and must be taken - for what Jjisy; are worth. ' .With ariooa ruling hif^

invisible supplies aro soon : made visible, w and, .what is more," second and third ti grade wheat becomcs marketable for hu-. a • man consumption. A cable message rer si coived at an early hour.., this.; morning n on March 1 there were 143,000- p 000 bushels of wheat on farms, and n that next year's crop is expected to J; be abnormally large; Tho factors'.against .fi Mr. Patten are: ■ (1) His small holding, r He'controls about 15,000,000 bushels, find t' his friends 10,000,000 bushels, while the t quantity, 'in other hands is; ..34,000,000 d bushels, and there are further the invis-' j ible supplies. (2) The use" of substitutes fi such as oats, millet, rye, . and. potatoes, v wiU ' cause . the consumption of wheat to t decrease, and supplies must therefore; in- a crease.. ■ '■ , t So far as the United Kingdom and the j Continent are Concerned, supplies for. the i present are ample, and there aro. heavy shipments afloat. . The figures for the latter show as under: — '. United w' . Kingdom.. " Continent. Quarters. ■ Quarters; ■, March 1 ... . 3,950,000 ... 2,265,000 March 8 '■■ ... : . 4,165,000 2,990,000 March.ls ... 4,220,000 ... 2,815,000 1 March 22. ... 4,335,000 ... 2,905,000 ' March 29 ' . ... 4,045,000 ... 2,660,000 April 13 ;.. 3,650,000 ... 1,350,000 " April 18 ... 3,310,000 ... .' 2,080,000. J "Beerbohm," the English corn trade au- 1 thority, estimates the weekly deliveries of wheat at 850,000 quarters, while the ! consumption might : easily amount to I 1 w 150,000 quarters. But here again we \ must make allowances for substitutes, and • the wheat consumption may not exceed ■; the quantity alleged to be available. The big profits have got to be made before the end of Ji/ly, for then the European and. ' American harvests' will bo in,; andvthe centre of gravity will have changed.