WHEAT GAMBLING.

Gisborne Times, Volume XXVII, Issue 2477, 16 April 1909, Page 5

WHEAT GAMBLING.

SPECULATORS FAIL. BIG LIABILITIES. United Press Association —Copyright NEW YORK, April 14. Ennis and Toppanni, stockbrokers, of New York and Chicago, have failed. The liabilities amount to 1,200,000 dollars, and the assets to 400,000 dollars. The failure is due to speculation in May wheat. THE SPECULATOR’S INTENTIONS. PRICES WILL NOT BE FURTHER ADVANCED. (Received April 15, 11.45 p.m.) NEW YORK, April 15. Patten, the wheat speculator, states that he does not intend advancing prices further. He does not hold sufficient wheat to justify a corner, only enougli to raise the price to prevent shipping from the United States. The real difficulty is that the supply of wheat is not increasing proportionately to the demands of the world’s population. THE “MORNING POST’S” COMMENT. THE COLONIES SHOULD BE ENCOURAGED TO GROW WHEAT. LONDON, April 15. The “Morning Past” says that Paten’s ring secured three million quarters of the American visible supply. If Candada, India, and Australia were encouraged to proudee wheat, the cornering game would be a thing of the past, for a ring would never he able to start operations. A TRADES COUNCIL OPINION. “THE SAME SPECULATION TAKES PLACE IN OUR DOMINION.” [Per Press Association.] D UNE I>K, Aj> ri 1-1 ” The following resolution was passed bv the Otago Trades and Labor Council at a meeting to-night—“ That this Council direct attention to the cablegram appearing in the daily papers that a gambler, under the name of speculation, made £IOO,OOO in one day’s deal in wheat, and deplores the fact that the commercial system of trading makes it possible for this to lie done, more especially when it is gambling for the food of the people, and thus mcreasing the cost, and, further, desires to point out that the same •'speculation’ takes place in our own Dominion with the same results, and urges the workers to use every endeavor to put a stop to this pernicious system.”