The Wheat Corner.

Te Aroha News, Volume XXVII, Issue 4400, 20 April 1909, Page 3

The Wheat Corner.

THE CHICAGO OPERATIONS

FRENZIED BUYING,

RESTRICTIVE LEGISLATION

New York, April 16. Mr Scott, chairman of the Committee of Agriculture has introduced a Bill into the House of Representatives at Washington prohibiting dealing in “ future ” wheat, cotton, and agricultural produce. The Chicago wheat market was demoralised to-day, May wheat slumping to 1 dollar 26 cents and July to 1 dollar 14 cents., until 15 minutes before the close, when Mr Patten furiously bought 3,000,000 bushels.

May wheat subsequently recovered to 1 dollar 27£ cents. Enormous business was transacted.

PATTEN GUARDED BY A DETECTIVE.

POSITION IN BRITAIN

New York, April 17

Mr Patten prophesied that before many months the people of Europe would struggle for bread in famine stricken queues. Patten has engaged a detective to protect him owing to the public indignation against gambling in foodstuffs.

Mr Wilson, the Secretary of Agriculture for Washington, states that Patten is reckoning thht the supplies will be too low. Only one wheat corner succeeded, and it was conducted by Joseph in Egypt. Mr J. J. Hill prophesies that the price of wheat will not return to a low figure for a long time. London, April 17.

The E jonomist states that Patten's career is far less important to the British working classes than anv of the big past manipulations. It is evident that the high prices in London must be attributed to other causes than the Chicago manipulation. Beerbohom’s wheat estimates are for four months.