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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - April 23, 1909, Lethbridge, Alberta HTMilllOOt, AUIdTA, FRIDAY, APRIL M, M City of Lethbridge THE REGULAR WEEKLY Auction Sale OF HORSES, CATTLE, IMPLEMENTS, etc., will be held at the City Market Corrals on SATURDAY NEXT AT 2.30 Entries Received by the Undersigned up to Time of Sale F. G. Waddington MARKET MASTER HOW PATTEN HIT THE WHEAT TOO MANY DIVORCES Ottawa, April proceed- ig with the consideration of private ills this morning, Chairman Ethier f the Commons private bill Commit- ee protested against the numbar of ivorces being granted by the' Senate, 'his session there were twenty-one as .gainst three or four in former ses- ious. The action-of the Senate in his regard was beginning to be an ibuse. That body was passing bills absolute divorce, without to his any satisfactory proof of the only cause upon which divorce is granted by Canadian Parliament. Em inent menjn United States had des- cribed the divorce system in that country as a great social evil and Mr. Ethier saicl the same state of affairs might obtain in Canada. The Pri- vate Bills.Committee he said, should establish a principle that unless there were good evidences of adultery, no divorce bills, should pass. Because a man was drunkard and a gambler it did not follow that a divorce should be granted Ms wife. Mr. Ethisr said he was not speaking as a Roman Catholic but on general principles. Toronto Telegram: Some say it's u wheat corner, u crime; others re- gard as merely the foresighted gen- ius of a master gruin merchant who disregarded statistical probabilities, i and has cleaned up a few million dollars for himself. James A. Patten, of Chicago, has produced such a panic in wheat mar ket centres all over the world .that nothing like it has been seen since Joe Leiter tried to corner wheat 1898, and went broke as the result'. The action., as the result of Pat- ten's campaign, centred yesterday in the Chicago pit, when May and -July wheat rose to 1-4 and to 7-8. July was the highest since 1877. and many looked for a further rise. Tust before, closing came word pi a five-cent decline in Winnipeg, .and the victims put in avalanches of selling orders. But Patten counter- fed with orders to buy and he took up three million bushhels, and the decline ceased to a large extent. Having manipulated May7, to the limit, Patten is busy on July wheat, and he may repeat the process and tuck a few more million dollars away to his credit. Guessed A Shortage It was away last October that Pat- ten, who differs from Joe Leiter, in that the latter was a speculator pure ly, while Patten grain merchant and speculator, began to corral sta- tistics and look them over. Later on he decidd that this year there was going to be a shortage of wheat in the world. He guessed right. On paper there is in .Canada and the United States now a visible sup- ply of about bushels, of which is credited- to Fort William and Port Arthur. This gives a nominal, surpus of four or five mil- lion bushels over the year just pre- ceding. Bought Bushels The visible supply in 1908 was bushels; 1907, bu- shels; 1906, bushels; 1905, bushels. Patten saw there was a coming sur plus in the United States .and Cana- da but IIP. glanced at the world's supply markets, and he said to him- self that wheat would be very" scarce at about this time of year. He began a quiet but system- atic buying campaign. He bought all the May.options he could get his bauds on at an average of a bushel till he had..accumulated, on paper, about bushels. The time has just come when he 'would unload. In "order to unload at a profit it would be absolutely nec- essary that the world supply of wheat should be restricted. And; it was. Must-Have it For Bread This continent consumes in a year for bread purposes alone some bushels of wheat a year; this year to date it has demanded" and ob- tained a third of-that, or about bushels. Sumner county, Kan- sjs; the largest of the wheat growing centres on the continent, instead ol having wheat, to sell, was forced this year to buy wheat from. Kansas City. Last year in three months Minnea- polis "bought bushels of wheat from winter wheat states; to- day she is selling what little she has to go into the winter wheat states. Less Coming In A look over 'the world position jus- tified Patten's judgment. tion now is that while there is a paper surplui of. wheat on .this continent, there is only bushels being exported here from 'Argentine., or a loss of bushels compared I with last year. bushels lless wheat went tg Europe this year j than did a year ago, and there is now Ion the way "to Europe less. j So, that when the time came, as :t I just has, for the holding of wheat to ishow, there was actually: only about bushels of real grain in i Chicago elevators and there was not I near enough to Jill the orders Patten [had given. I Only one result was possibl; up went the price. Prices soared in Chi icago. Yesterday, on the curb at Win- nipeg, May wheat went to i dropped after what? many suppose !was-a- raid on the market by Patten i interests; and closed. at 3-4. I If Patten manipulates July wheat Las he has May, the" outlook to fill shis orders is little better than for the i May variety, and more sky rockets i will go careening through the market prices. 'T Uo not think-that the rise oi May wheat was caused so much by manipulation as it was by actual physical shortage that Patten fore- said a grain man today. "There is a decided shortage in wheat. In- many sections of ntario the wheat I nearly ull out. of the hands of the 'farmers. Private reports froin ent wheat states show thp.t the stocks I are not three per cent. Taking whole districts the holdings .now are not ten per cent, and there is still three months in which this must.be eaten up for food purposes. Contrast this with last year, or any'normal the holdings now would be twenty per cent, average, while the maxi- mum now is ten per cent." Recalls Corner This Patten coup recalls the way (that Joseph Leiter of Chicago 'set out in May, 1898, to be the greatest wheat king He did just .about what Patten has done, boughi'all the. op- tions he could secure. Neither Pat- t-en or Leiter in their campaigns bought actually much real grain. Lei- ter bought millions, of bushels rely- ing on a shortage, -to sell at a profit, and at the same time making a "cor- ner" to stiffen prices to the top notch reiter however, let it- be that he had a corner as early as January, and his intended victims started hipping wheat in from all over the I country. Respite this supply in May' 1898, Letter's operations sent wheat high. In April from per bushel to In May the real test came. The price ran to per bushel. Then an avalanche, of wheat which had been quietly collected all that year, was poured on to the market, and the price dropped .until Leiter had lost millions of dollars. In June, of tha-t year wheat was purchased for .75 cents per bushel. Corner Impossible Abroad. New 'York authorities on foreign law interviewed yesterday by the American were unanimous in declar- ing that such a wheat corner as now exists in Chicago would be impossible in' either Germany or France. No op erator, however bold, in either coun- try would dare manipulate food stuffs in such a way that the. price would .be raised throughout. the country. There is a new German, law which is particularly severe with those who try to deal with futures in grain cr the products of grain .mills. It.went into effect May 8, 1908, and is en- titled "An Act Concerning Changes .of the Bourse Law." Its important paragraphs provide: Imperial Bank of Canada HEAD Capital Authorized Capital Paid Up D. R. WILKIE President. HON. ROBERT JAFFRAY Accounts of Municipalities, Merchantj, Fafmen and Private Individuals invited. SAVINGS attention is given to Bank Accounts. Deposits of 11.00 and upwards received and inter- est allowed at current rate from date of deposit. Lethbridge Branch, W. R. SEATLE, Manager. Begin Block, Round St., beside Bentley's Store. ...1 Bar on "Future" That all.Bourse or-Stock Exchange transactions in futures in grain mills are forbidden. Anyone know- ingly deals in futures may be fined "up to marks Neither party to such a transaction can be held liable and no collection can be forced by law. "Both fine and imprisonment are 'provided for the professional dealer in futures in grain products. The French law prohibiting wheat and other similar "corners" was out- lined for the American by a member .of the firm of Coudert Brothers, of No. 2 Sector street, who said: Prohibited in France "Speculative operations, such as the present Chicago wheat corner, are prohibited in France under an Act of March, 1885. The punishment is found in sections 419 and 420 of the French Penal '.Code. "The second section expressly for- bids .the cornering of foodstuffs, and the penalty for such unlawful man- ipulation is two months to two "years in prison., and from to 'francs fine. imates of killed as high as The .government has sent urgent com mands that the mobs be put down and the soldiers harshly deal with thm. The attacks of Armenians appear to have been instigated sole- y by the reactionaries. SITUATION IN SYRIA w I I I NOTICE TO OUR READERS I n By Cyrus Townsenci Brady and Edward -Peple Although our tables are Crowded at Meal Time our large staff of waiters serve you promptly. The Alberta Restaurant Shoj t Orders at all Hours Oliver Block Phone 228 Attacks on Armenians Instigated by Reactionaries London, April received here from Tarsus referring to the cas- ualties there says: D. M. Rogers was killed, the others are. safe." This communication is taken-, to indicate that Henry Maurer, who was report- ed to be killed at the same time as Bogers, may be .still alive. It was sent D. Christie, a mis sionary in midnight o April to the Bible Lands Mis- sion here tand was in reply to a query regarding the fate of the mis- sionaries in Adana and Tarsus. Constantinople, April sit- uation according to the latest intelli- gence received here is decidedly 'threa tening. The wave of fanaticism or- iginated in Adana some ten days ago in Adana and found its expression in the killing of Christians apparent ly this spreading generally through -the east .provinces. Upward of were massacred in Syrian towns and. villages, princi- pally in the village of Adana during outbursts of fanatics at the .time of the spring 'festival -and; upon receipt: of the news" of the overturn of the "Heretical" government at Constan- tinople. One embassy es- Milk Cream Butter Eggs ALL FKESH AND PUKE Delivered Daily Our Cleanliness and Purity. Cox Son Pkone347 P.O.BwM The Private Dining Rooms at the are now-open, and are well patronized by the public Union All White Most up to date Restau- rant in the city. Lunches from lOc. up Meals from 25c. up N.H. MURRAY] Pwp. WILL COMMENCE SATURDA A Cowboy Serial Story, that will mend itself to everybody, without a doubt "Richard the Brazen" we put before the reader, a knight errant worthy of the best days of chivalry, though he is of the present, and we find him in the garb of a cowboy. The superb courage with which he rescues certain death a young wom- an whom he had never before 9een, and the reckless daring with which he risks his reputa- tion in an attempt to win this woman under an assumed name, wilt appeal strongly to every lover of romance and admirer of courage. How Richard pros- pered in his enterprise under difficulties which would discour- age any but the most stout heqrt- we leave the reader to find out, and a most delightful pas- time it will prove. DURING THE COAL STRIKE be pleased to orders for prompt delivery of Hardwood In sacks. It is economical and clean, the best for kindling and hurry up cooking. BOYD GOODE CO. Telephone 344 Office Smith Street I J The Aiberta Railway and Irrigation Company Is now offering for sale the CHEAPEST LOTS ON MARKET lots forth of the Railroad ani West of Westilnter U. FROM 1 9 W EACH EASY one-third 6 months, balance 12 months. Interest 6 per cent, per annum Mini HMN] III ImJIuH ;