The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1909-05-10

~~>~>>>-<>~>>~r>~~~~~~~-
CHICAGO. May 1O.-Will the above
appen to the great bull, Jas. A. Pat
EN-?
May 81 will tell the tale. That is
ettlement day On June l all the
forld will know whether or not Patten
as won.
Never in the history OF the wheat
IL has any man passed settlement day
winner. Many have tried. but
heat has beaten them The history
wheat corners is story OF ruin
nd dishonor and suicide and financial
'reckage and broken men.
VIII Patten win"
Some people are beginning to think
e will.
Let us see, In plain United States
language. just what will happen on
lay 81. Whether he wins or loses
hat day will go down In history as
ne OF the most stormy In the story of
heat speculation.
Let's remember first that n short,
q bull. In this story, IL q man who
an contracted to deliver wheat To
Patten on May 81. The price ranges
p to 1929, or whatever may be the
highest option price reached by that
me.
The short In making his contract.
believed that he would be able TO buy
rheat at a lower price before May 81,
nd make profit on his contract.
The bull, or long, is the man. like
Patten, and those who believe In him,
nd have followed his lead. who has
Contracted to pay for wheat at prices
anging up 10 the highest option price.
The option price, we said. That Is
he wheat pit price.
Day Of Reckoning.
There Is a cash wheat price. too.
That Is the price you'd have to pay
b open market for the actual wheat.
It's been about 20 cents higher than
he option price so far. III IL were
bwer the shorts could buy what they
wanted and fill their orders with Pat
len at a profit--or else Patten would
10 broke trying to pay.
What will happen then on May 81 In
he Chicago wheat pit?
IF PATTEN WINS
The shorts. trying desperately to
beat down the price, will have failed.
Patten has said all along that this is
short year for wheat. His predic-
ion will have made good. The shorts,
they have TO buy wheat at anything
ike the present cash price, will lose
hundreds OF thousands OF dollars. mil
hons OF dollars, in the aggregate.
They will ransack the world for
wheat, but they will have failed. In a
asst desperate endeavor, as they face
uin en- May 81, they will try To buy
Ind I'll the order they have contracted
O deliver to Pa-.en.
But they can't buy the wheat. II
not to be had. Each man who fights
or wheat will stimulate the demand,
Ind the pr.ce will soar higher and
igher. ~
The only price at which they can
buy the precious kernels is beyond
he frenzied shorts. Then the secre
Larry of the board OF trade, black coat
I'D. the only unmoved figure in that
maniacal whirlpool OF humanity, will
rap for order.
"All trades with the firm OF Blank
Dash & Co. mus be closed at once.
ne will announce.
And the wheat pit will know that
a great brokerage house has gone Ia
1he wall.
There Will be a consultation In Pat
lens office. White-faced and ruined
men will bargain with their victorious
master. He will name the price al
which he will allow them TO settle.
In other palatial Offices. men i'm
maculately dressed, may fight their
battle out with loaded pistol in the
Top drawer, and the knowledge that
khe police will come before night un
Hess
But II Patten loses
Then the mountains OF wheat gar
|nercd around the world and rushed &c
u thousand Chicago granarles, by
hrinies of men In overalls toi!ine
hight and day like fire fighters, will
have been enough and more than
enough to crush the man who would
dare To try to control the worlds
Wood.
With Patten fighting a losing battle
|the price will be beaten down and
blown. He has contracted to pay. say
|S129. In the open market the shorts
|can buy for 1925, for SlSs, for 81
land Patten will have TO pay.
To realize ready money he will
have to throw some OF the wheat he