| Show SHORTS IN WHEAT M MARKET ARE WITH PANIC Chicago lay May 23 The worst pan panic of the Hie bull 1111 campaign ill in May la wh wheat at struck the big lg shorts today when the wheat advanced advanced ad- ad to 1351 1351 Vi the highest highe t point yet reached in James A A. Pattens Patten's bi big ig deal leal Frightened at the prospect of boosting quotations still higher by bidding against each other in the open market IT II C. C rick Prick and other members of the steel crowd who were wore caught upon the wrong side of the tile market sent an urgent apI appeal appeal ap ap- ap- ap I peal to the the wheat king to be allowed to settle with hint him privately According t to the tho story told on tho time Board of Trade they got little sympathy sym pathy path from Mr tr Patton Patten Go Into tho the pit and buy It Il If he Ito Is ha said to havo have replied replied replied re re- re- re plied to Mr Fricks Frick's agent I want the tho wheat Tho The stories told last fall fail and re reIterated reiterated reiterated re- re iterated during the tIme bull buH campaign n that J J. J Ogden Armour had sold heavily short to Patton Patten seemingly vei yen yen- l- l fled flod today b bv lw the maneuvers of or the tho Armour Armoul Grain company That house which for the tho last few days has been buying heavily continued to take tako In May lay wheat it In a 0 steady stream The Inference In the street Is that Mr Armour Armour Ar Ar- mour has hag lost a heap of ot money which ho lie partly set off by bullish tactics III In Liverpool The Armour house his has practically a n coiner corner In May Iny oats but tho profits In that cereal ocal arc said to be away below the eK sustained by lJ Armour ArmoUl upon tho the wrong side sido of wheat wheal Profit bv IW bull butt plungers erH who have ha cleaned up fortunes In the pros pros- ant deal lIeal and who today threw throw millions of or bushels Into the pit was waH tho the one ono consolation of ot the bears bean Under the heavy liquidation May wheat Bagged fl mom cm time tile high of or 1351 to 1332 but wax was run back to Lu 13 at the tho close compared with a final quotation of 1341 on Monday Jim Patton was one of tho the men who mantle made sure of hii his profits by converting converting con con- vetting hut his options In cash al lh Traders Trailers Inthe in iii inthe the Northwest und and who stand head and shoulders above the tIme speculators I In their respective sections were vero heavy sol sellers lorn John l. the Minneapolis 1 miller maillot was as one ono of oC thorn them Mr Thompson of Duluth one ono of tho pillars of the time eh trust wa was l I another John T T. Milliken the bt St Louis plunger and a Kansas City clique headed by B 13 C C. Christopher sold RaId heavily ily II especially of July Tuly and und September According to the tho Board of or Trade Trado brokers tho tue selling of the big South South- western operators Indicates that these men do not take seriously tho the discouraging discouraging aging reports sent In by crop experts In Irl Kansas Oklahoma and Texas Recent Re Re- cent rains are aro sail said to have havo done wonders wonders won won- ders for tho the puny plant In tIme tho Kansas wheat fields Holds and some somo estimators are predicting a crop In that state of 80 bushels as compared with 65 a u. year ear ago ngo The rapid bewildering fluctuations k kept pl the time floor traders In torment July wheat reach reached ell the high level 10 of oC 1191 1 and then relapsed to lo 1 AH at a closing dosIng dos clos ing quotation September wheat had bail rl risen ell to Jl 12 after much seesawing fell to 1 1101 closing at Jl |
