THE WHEAT MARKET.
| A FURTHER SLUMP, ' "BEARS" GET UPPER HAND. United Press Association—By Electric Telegraph CopyriKh*, MWK'FK, j ' ■ A further slump has occurred in the Chicago wheat market. May-July wheat broke to 4J cents below previous closing prices. The "bears"' pressed their advantage, emphasising the fact that the weak foreign markets were evidence that there wa*s no world-wide shortage. Rapid loss sales ensued. Four houses sold an aggregate of seven million bushels. Mr Patten, who made large sums' a week or two ago by speculating for a rise in wheat, but who has lost heavily during the last day or two, has left Chicago. Many brokers who have been ruined are denouncing him as a coward.
LARGE CANADIAN RESERVES, OTTAWA, April 2& Canadian statistics show that there are seven million bushels of wheat in the elevators at Fort William, and five million in farmers' hands—both as the balance of the 1908 crop. These reserves upset Mr Patten's calculations. The "comer" is apparently smashed.
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Wairarapa Age, Volume XXXII, Issue 3173, 26 April 1909, Page 5
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163THE WHEAT MARKET. Wairarapa Age, Volume XXXII, Issue 3173, 26 April 1909, Page 5
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