Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1909-04-23
Wheat Tumbles More Than
Eight Cents Below High
Water Mark When Chicsgo
Pool Controlled Situation.
REPORT SAYS PATTEN
is TRYING TO CORNER
WORLDS COTTON CROP
Patten is Now On Way TO Colorado
To Escape Newspaper Notorietg,
He says-wan street Surprised at
Deals Accredited to Patten.

Csy Assoeis4ed Prsss1
CHICAGO. April 22.-Has the bull cam
paign in wheat. so far as the public is
concerned, been abandoned?
Has the bull leader, James A. Patten,
now reported on his way TO visit the ranch
OF a friend in Colorado, changed his
views?
These and other questions unthought Of
a week ago, were rife on the board Of
trade today when the slump in wheat
continued, prices reaching point to
sl-2 cents below the record price Of last
week when Mr.. Patten declared wheat
was worth intrinsically every cent being
paid for it
What Patten Claimed
Just a week ago today May wheat here
sold at Sl.2s IL and July at s1.1s rs. Re-
peatedly asked IL he had corner in the
two deliveries, Mr. Patten emphatically
denied that he had. asserting amidst the
quotations of crop statistics and pros
poets that actual users Of wheat were
responsible for the high price, and that
the cereal was worth all that was be-
ing paid for It.
Even were 1 entirely out of the mar
ket, prices would be as high or higher
than they are" said the bull leader.
Since then the market has been declin-
1 ing in q way which the ordinary follow
ers OF Mr.. Patient have been unable to
explain. Today instead of the recovery
expected after the six cents decline Of
Tuesday and Wednesday, the market
opened extremely nervous and weak. May
sold at S.H Is early, 8 7-sc under yes
! terdays close, and i-sc below the high
price last week July, In which the bulk
or the trading has been done recently, de-
clIned to $40 SIS, 1-2ds 5-sc below yes
terday's close. and 1-2c under the record
price last Friday.
Bears Are Jubilant
At these prices the .narkekssteadied, but
showed no evidence of reeuperatfve power
Bears jubilantly pressed their advantage.
pointing 10 the weak foreign markets, as
indicative OF the correctness OF the bear
view that there is no worldwide shortage
of wheat. Stop loss sales were numerous
Armour. who in a recent interview
upheld Mr.. Patterns bul1ish survey of
| conditions and whose house was credited
with buying yesterday, was rumored to
be selling the Liverpool market.
In the Bartlett-Patten offices is was
stated that there was no reason to change
any statement previously made by Mr..
! Patten. The break in prices was charae-
lied as a furry. The lost gound, II
was said. would be regained without any
clared, were unloading. frightened at the
] decline. or because their resources were
! insufficient to maintain them in the mar
ket.
Not Manipulating Market
/ It was this class of traders mainly who
expressed curiosity as to Mr.. Patterns
present views Despite his assertion that
= he Is not manipulating the market, they
| expected that he would prevent any such
slump as the present one.
| Among Mr.. Patterns allies and init
{ mates, however. the word wait was
| spoken optimistically, although some OF
them said:
1T looked funny the way the market
| acted"
The eight-cent decline has made a big
/ hole in paper profits. although to what
extent no one can say as no one knows
/ the extent OF the long lines held or at
/ what price purchased. Also there have
been heavy actual losses among traders
whose resources have given out and their
trades closed.
/ A further tremendous drive at the so.
caleld wheat corner today TO May trad
ers spelled the end Of the big bull mar
ket. July near the close. touched $l.o9 SIS,
and May s1.H. May closed at this figure,
on duly only fractionally above II.
Trying TO Corner Cotton?
/ After having made millions IN his
| wheat speculations, IL became apparent
today that James A. Patten, not salts
fed with the title Of wheat king" had
also entered the speculative cotton ring.
| It is indicated that Patten, in connec-
ton with George Patten, Herbert Ry-
croft, Frank p. Frazer and W. II. Bart
lett, all Of whom are well known cotton
dealers OF New York. have purchased
-
delivery and since the purchase have
made more than a million dollars.
While James A Patten, who has been
the inspiring leader OF the bull move
ment, was reported on his way to a
ranch in Colorado leaving the market to
work out Its own destiny. prominent
houses are said TO have sold an aggre-
gate OF 100000 bushels of wheat during
the day.
Millions of Dollars Lost
|, Stop-loss orders poured into the pit in
such abundance that brokers seldom were
) able to execute the orders within "a cents
| OF the price aimed at.
The weeks decline of nine cents has
wiped out millions of dollars OF profits,
; not all of It paper. II is not difficult
| this afternoon TO read the loss OF fortunes
on the faces OF customers who were long
on wheat. Many Of them who had, at
the top. handsme profits, but waited for
still more, were bitter.
/ Justly or unJustly, much blame was
J placed on Mr.. Patten for apparently leav-
ing the market TO itself before the bull
campaign had reached a safer stage.
ssNONE OF YOUR BUSINESS"
PATTEN TELLS REPORTERS
(By Associated PTess.)
! TRINIDAD, Col, April 22.-James A
Patten, Chicago's wheat king" who
was reported yesterday to have desert
D ed the battle in the wheat PIT to I'm
i spect for hirsSelf the wheat situation