The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-07-15
He Tells Assessors to Double
His Taxes This Year.
ASKED THE CHANGE.
He Did Not Remember What 1t
Was Last Year.
He Reckoned That Would Fix
1t About Right.

Chicago, July 15.-JameS A. Fat
ten, who is said by fellow members Of
the board of trade to have made a
profit of 100000 within "a hours,
yesterday found himself on top of the
list of Evanston taxpayers, and his
option on this distinction he purposes
not to close out for some time. Mr..
Patten was assessed this year on
100000 of personal property, which
is twice the amount levied last year.
Mr.. Patten himself asked the change.
How much personal property ought
I to assess you on this year, Mr.. Pat
temp asked Mr.. Milne. Evanston's
assessor.
How much was it last year?" said
Something like s25O,OOO." respond
Never mind the figure" Mr.. Pat
ten interrupted. Whatever it was
then, just double it now. Reckon
that'll fix it about right
Fresh Squirt Upward.
Chicago, July 15.-Wheat for July
delivery made fresh squirt upward
on the board of trade today when the
price touched $1-29, compared with
$1.265s a 1.26 z, the closing figures of
the previous day. The new high rec
ord mark for the season was establish
ed on initial trades, opening quotations
ranging from $1.2715 to $1.29. The
more distant deliveries, however, were
inclined to be weak.
The immediate cause Of the buying
furry which resulted in the sensational
advance. was rainfall in Kansas and
Missouri, where the new crop of wheat
is now being harvested or is awaiting
the visit of the thresher. and dispatch
eS from other harvesting and wheat
shipping sections Of the country tell
ing of the damage to the new crop by
excessive rains. Numerous reports were
7 receiVed from points in Illinois, Missouri,
Kentucky and Tennessee, which claimed
that the wheat already harvested is
sprouting in the shocks owing to the
unfavorablc weather.
A large sleeping" short interest
has existed for some time in the July
option and the action of the market
indicated that many of these traders
had awakened to the serious aspect
of the situation.
Weather Favors Patten.
Leading warehouse men and pro-
fessiona1 traders are said to be the
principal shorts. The elevator men
have bought wheat "to arrive from
dealers in Kansas, Oklahoma and
other winter wheat states and
"hedged' against their country pur-
chases by selling July in this market
Since that time wet weather has in
terfered with threshing operations
and thus prevented quick delivery of
the new crop in Chicago and the
southwestern markets.
There is practically no wheat suit
able for delivery on contracts in this
citv at the present time, and what lit
tie there is belongs to the Patten in
terests. The leader of this clique sue
ceeded in merchandising the three mil
lion bushels of wheat delivered to him
during the closing days of the May
corner, and he now demands the
wheat sold to him for this months
delivery. When shorts went to him
early with offers of settlement it is
claimed they were told to buy the
grain in the pit The attempt to carry
out this line of action was the cause
of the bulge.
Patten predicted several weeks ago
that July would be an "old crop
month" His prediction would not have
proven true if the weather had re-
mained clear, but the rains Of the past
two weeks have so delayed the move
ment that the prospect now is for lit
tie new wheat at the markets this
month.
AS a result of the sharp advance in
wheat prices flour was marked up ten
to twenty cents Cor the best descrip-
tions of old wheat variety while new
wheat -four was advanced ten cents
per barrel.
The strength of the July delivery
today was of short duration. Many
of the smaller holders began to take
profits early in the day, resulting in
a gradual decline. Before the selling
had been exhausted the price had
dropped to S1.22N. At the close of
trading the price for July was
$1.2315.