Show WHEAT GOING UP TO II SAYS THE HE GREATEST GRAIN GAMBlER or OF AllBUT All AllBUT BUT IT 11 WILL BE A GOOD THING FOR US HE DECLARES II Patten Explains Explains Explains Explains' Ex Ex- Ex- Ex Wheat W a eat King plains plains' Wheat Situation and What Soaring Price Means Board of 01 Trade Methods Unraveled By K S. W. W PAYNE Special Correspondence Chicago Ill Ill Sept 1 IS Ho How much higher will the thu price of or ot of of flour and bread go bread go this win winter winter ter That's a big question ques Ques- i 1 tion In every enen Amerl- Amerl American bt f can home Everybody EV i- i t J s who rata eats and that In Includes in- in eludes the tho most mOlt of oC us o h tv Y Is Js Intensely concerned In t tho e price of or wheat We want to browhow know brow h how much higher r It o will go o. o Probably no noone r f one can guess nearer J next winters winter's and next X springs spring's grain prices l ryo 4 V than can James A. A s f Patten I hunted him t f up r to What about the N t wheat 4 situation I 1 asked I should say la said sald r Multimillionaire A. A Patten world- world James famed king of or tho the wheat pit that the cRaul i J American wheat grow grow I f.- f. eIS er 1 1 In clover The American m 6 r 1 can J. J A. A Patten farmer Patten conA continued continued con- con Is still holdIng holdIng holding hold- hold Ing s 50 A 0 O per cent 4 at d least cast of or the tho present wheat wheal crop The farmer holds fully full 75 15 per cent of th the coming winters winter's wheat heat crop And t the price of that wheat heet Is going to climb to the dizzy price of or before be before be- be fore spring spring maybe maybe higher That Tha l means fortunes for tor the farmers and they know knout It The The European war has haa caused an ex extremely ex- ex and almost unparalleled situation In the wheat market In the th pit were we're all bulls we wo know TV heat wheat must keep climbing higher and higher But But But- Im I'm not buying wheat Im I'm afraid The great James A. A Patt Patten n who was W once said to have made 15 in wheat pit gambling who In 1909 1303 risked his Jus all braved public contumely and nna federal fedel I prosecution prosecution ro In one of or the most daring and spectacular wheat t corners ever attempted avows that h he Is afraid arald of the present situation Just go 10 over oyer to the board of trade Patten went on see nee men there who used to buy bu wheat hent by y the hundred thousand bushels timidly taking ten thousand In other words the tho very verv gravity grav grav- gravity It ity of the situation has killed reckless speculation and the trading Is Js on an absolutely absolutely ab ab- legitimate b baste basis 18 Suppose peace were to be declared tomorrow The Th bottom bottom bottom bot bot- tom would i drop out of or the price of wheat and millions would drop out of oC the neck less leu speculators speculator's pockets pocket H But ut of ot cour course e the price rice of ot pick up again agaThe The public may Just aa u aswell well get used to the fact that the price of or bread Is to going to rise fast and high Look at this map See this northern region of or Franca Franco around Lille and Nan Nan- Nancy cj cy That That Tho t Is whom where France grows h her r grain And you ou know what sort of or a harvest hanest Is la taking place there toda today And Andas AndAll as All for Germany heres here's her granary granary- east cast Prussia Think of ot those thole vast ast fields of or growing grain grato Just at th the harvest lI tine lime e. e all aU trampled down burned or leUto left leU to rot Argentine wheat Is short this year Russia's crop Is poor and where whre will Russia find men to harvest It Meanwhile Mean lean while white Europe has millions of oC armed men who must be fed That I Is wh why Europe I. I Is buying tremendous tremendous tre trA- quantities of American wheat and bu buying It without regard to price The ThA foreigner Isn't looking for bargains Hes He's looking hooking for tor BREAD And hi hl his broker In this country countr has hu orders to BUY It It iL iLand I and n never vcr mind the cost COt With a demand of or that kind nothing can prevent extraordinary prices price An embargo on on exports of ot wheat has been suggested but that would disturb our International trade At nt the very en moment we are trying to enlarge It It There Is deposited In tn New NewYork NewYork York banks today which belongs to Europe Eur Eur- ope It Is Js the price forthe for the stocks which were sold flold on the New ew York York- exchange by try foreigners In the few rew days before the exchange closed The exports of oC wheat t are balancing that debt And Add the debt MUST DUST b M be bal balanced aa a alc athe the first nut tep tn to th the great reat movement for Increasing our International trade And Ind nd finally rem remember that the high price of or wheat wheal Is la beneficial to the coun country country try tn In do two to ways as a's First It Is Ul the farmer who vho ho Is l going to make big profits from It It Secondly It Is la making people economical cal of ot wheat and will prevent tnt the famine famIne famine fam fam- ine which would otherwise result from the w waste ate and destruction in Eur Europe pc I A double ro row of or loa loaves rs of or bread ento en ento to end and reaching from Xe New York to Capetown via lAnd London I r Such a a. belt could bo bt mats madi out of or than one half of or the quantity of or v heat which is being exported weekly from North orth ports American for the tho warring nations nations na na- na of ot Europe EUrop According to to recent reports In spite of ot tho the disturbance of International trade bushels of ot wheat have been beth port ex-port exported week weekly J. J Chester Bow Bowen en writing In th the but brit of t the United States Stites bureau of ot la labor labor la- la bor statistics statistic estimates that one bushel bushe of or wheat makes 34 t 4 p pounds of or Hour and h he found from Investigation In ht Middle Middle Mid Mid- dle f West clUes cities that about a 1 pound o or flour goes Into the average e. e bakers baker's loa loaf of or bread Tho The phrases September wheat o oMay or orMay orlay May lay wh wheat at do not refer to the time i of oC harvesting 01 or sowing The Ile name me o othe or orthe the month merely Indicates the time u when the seller sener of a lot t of f wheat heat must mus t deliver t to td the buyer bU er He tie has until mar kH ket closing time of nr the last dl day of ot th the month in which h to deliver the warehouse recel receipt t for wheat heat This This Involves s an sn explanation of or futures fu Cu- Cu tur three tures 5 and short hOrt selling To Tn examine the WB way in which an a aCtual actual ac aC- transaction is put through on a an anI I I exchange suppose e In MR March A who ho lit fa a speculator peculator acid expects ts a fall In wheat sells to B 13 1 bushels of May t wheat which ho does not not notown own at 70 cents a bushel From this point on until th tine the fit first it of ofIa May Ia there will be he a 1 constantly n ch changing chang In ing market price for fOl fOlIa May Ia wheat Suppose Sup Sup- pose rose that the price rises to j 72 cents and anti that B thinks that a 2 profit Is better than the tho chance chanc of oC more H ha 1111 sells to C bushels of or May wheat Frightened o nM h hy by-a by n a slight reaction C perhaps perhaps perhaps per per- haps fears a R. fall lie Ile sells sella the same amount at cents losing h halt half IC a cent per b bushel l. l Tho Those e who were trading for tho the rise were the bulls those who were trading trading trad trad- ing for the tho fall Call were wera tho the bears ra In Inthe Inthe Inthe the example taken the soles sales of or tho the bears I were short sales lilies The purchases p oCth of oC th the bearR bears beir are arc called covering contracts contracts' A bear benr covers ers a n short sale by making a purchase of oC tho the game same ame amount deliverable deliverable deliverable deliver deliver- able at the tho same carne limo If Ie he lie sells at 72 cents and covers co at 70 cents he makes make 2 cents cent s a n bu bushel |