The Black Hills union and western stock review. [volume] (Rapid City, S.D.) 1904-19??, 1909-04-23
The Field Of Business.

The past week witnessed the Gull
mination Of what is likely to prove
one of the most successful wheat
corners on record. James A. Patton,
of Evanston, is the Spectator who
cornered the May option, and nobody
knows how many millions his crowd
has cleaned up or will clean up in
the deal. Mr.. Patten will not adj
NIT that he built corner. In fact
he did not construct one of the old
fashioned sort. He bought wheat
and allowed the fellows who sold
what they didn't have to squeeze
themselves into corner.
At the close of the harvest sea-
son last year MIR. Patton took ac-
count of the worlds wheat crop and
decided there would not be enough
to go around. AS wheat was then
selling around the dollar mark Mr..
Patten figured it must sell high above
that figure before the new crop could
be marketed. So he commenced buy
ing all the wheat he could get hold
of, turning his attention particular
ly to the May option. Wheat slowly
upup, the Patten buying steadily
continuing. Last week May wheat
was selling above $1.25. Mr.. .Patten
had stored away in elevators prac-
tically all the real wheat that could
be delivered In fulfllment of May
contracts. He had bought from 81
to perhaps $1.10. Mr.. Patten says
that wheat is worth 1925 bushel
at the very least. He viii continue
to buy all he can under that figure,
and will sell only when the price is
over the mark. Apparently Mr.. Pat
ten 10 in complete control Of the mar
ket and can squeeze the shorts" at
will. Already he has sold at $1.25
or better millions OF bushels pur-
chased Is or 20 cents under the SELL
ing price. Most Of the buyers were
spectators who sold what they could
not get without drawing on the Pat
ten corner.
Mr.. Patten says May wheat ~ like
~ to sell at $3.50 before the expir-
alton Of the option. Apparently he
can put it there If he cares to do so.
The indication is that he will be
willing to close out his long line at
the handsome profit he can make by
selling at the handsome profit he
can make at selling slightly over
$1.25. Now attention Is turning to
the July option. The government
crop report last week made a very
poor showing for this years winter
wheat crop in this country, and the
small buyers are being drawn into
the market on the theory that high.
Ter prices are likely to continue
through the summer.
The passage Of the Payne tariff
bill by the house marked the turn.
ing Of the first corner in the business
disturbing tariff agitation. The fac
THAT the bill went through the house
about as framed by the ways ant
means committee is accepted as al
indication that there Is to be no rad
cal upsetting Of existing tariff stan
i dards. The senate Is looked upol
IS the special protector of business
Interests. and there Is little expec
5Itation that such changes as may b.
1made In the upper house will be
y Revolutionary The nnal adjustmen
4 of differences between the senat
!! tbill that IL moderately conservativ
Hand the house bill that Is Tar fror
radical need mot necessarily be
'sss.i fiseu1t matter. It Is figured that til
e whole subject ought to be put out d
lthss ny Y aEcoupls Of months