Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1909-05-30
Patients GREAT
DEAL IS CLOSED
CHICAGO'S PIT SEES END OF
MEMORABLE PL UNGE
WHEAT KING cHEWS GUM IN
OFFICE, uNcoNcERNE0
Predictions and Statements of Bull
Leader confirmed-671 900 Bushels
of Cereal Delivered Yester-
day to Spectator

[By Associated Press.l
CHICAGO. May 29.-The greatest sue
cessful wheat deal in Chicago's specu-
lative annals came to an unostenta-
tious ending today. All day until the
one quotation for May wheat-$1.34
James A. Patten, high priest of the
bull campaign, was not on the trading
floor.
The deal, to all intents and purposes
ended weeks ago when the shorts
gradually driven in, pocketed then
losses. Still a lot of sentimental in
terest attached itself to the last day,
Among laymen fireworks" has been
anticipated and the solitary transac-
lions in the option during the first hour,
marking up a quotation of $l.34, was a
great disappointment.
The first sale of wheat for delivery
this month was made June % last at
S9s4 cents a bushel Last Tuesday 1t
sold at 1884, a rise of 451s cents.
MIR. Patterns assertion that reserves
have been almost exhausted apparently
is confirmed by comparison OF re
ceipts in Chicago during the last month.
During May year ago 1901 cars were
received here; this month there We're
but 1873 cars. Today, for instance, but
one car arrived.
Patten Gets Most
Yesterday $1,000 bushels of actual
wheat were delivered on the board Of
trade, and today $4,000 bushels addi-
tional We're transferred. Most of this
went to Patten.
Accurate information as to how much
wheat now rests in the Patten ware
houses is not obtainable, but the stocks
in public and private elevators aggre-
gate only 4,70O,00O bushels.
1t is generally believed most of this
belongs to the bull leader and that he
has paid in the neighborhood of $1,000, =
900 for it. Before Patten can calculate
his profits on the deal he must mer-
chandise this wheat-turn it back into
money by selling it to millers here and
abroad.
The Bartlett-Patten house has by no
means purchased all the May wheat
that has been traded for its own in
dividual account. Much of its was for
customers. Other houses have partici-
pated in the advance. These and other
factors render any attempt to estimate
the financial gains of Patten the veriest
guesswork.
Close followers of the market are con-
tent with the statement that he has
made a huge sum, which may grow or
decrease as he merchandise his actual
wheat.
other Houses 5ullish
Half a dozen other houses have been
bullish on the market for months, but
generally retired with their profits some
weeks ago,
The visitors galleries of the board
were thronged, many of the would-be
sightseers being women. But there
was no sight" except the normal one
of gesticulating and shouting pit clerks
TO be seen.
Mr. Patten sat throughout the ses-
sion in his office chewing gum.
In all the crowd watching the quota
lions there was nothing indicating an
interest in the passage of a historic
campaign of which the quiet, gray man
sunk back in chair was the unfalter-
ing leader.
It was d disappointed crowd which
left the board of trade galleries. They
had seen but little.
At the opening representative OF
Bartlett, Patten & Co. offered to buy
or sell wheat at $1.34. This established
the quotation at which Mr.. Patten dis
posed of half a million bushels to the
failing end of the short interest those
who had hoped against hope for a turn
TO the end All the shorts had got
under cover previously and the figures
stood there throughout the session.
1t testified to the complete success
with which Patten had conducted his
campaign. 1t was a manipulative cam
paign and did not owe it's success to
the employment of unlimited dollars.
Makes Fixed Prices
James A. Patten during today's brief
session made the fixed price of $1.34 a
bushel. Through his pit clerk, Ed
Walker, he bought or sold at that price,
but the buying was almost purely
theoretical on his part. He did take in
a few thousand bushels from some
trailer" who waited until the last mo-
lnent for his profits, but in the main he
shorts who had hoped against hope to
the last moment and then, in the par
lance of the pit, took their medicine"
1t was all quite tranquil, really duller
than usual and not even remotely re-
sembling the turbulence of the sessions
of previous months. Few were in the
pit and Mr.. Patten was not one of
them. He sat in his office facing the
blackboard, chewing vigorously at his
quid OF gum, his hat pushed back on
his head and his eyes fixed on the quo
tations of options other than May.
1t was not until an hour after the
close of the market that the only bit
of sentiment connected with the whole
thing leaked out A procession of
GlGIhS llEdbCd lOA tic ttASilACl NAAAt'S
with broad grins on their faces and
slips of white paper in their hands
called attention TO it, and it was
learned that every employe of the Bart
lett-Patten house had been given a
bonus of 10 per cent of his annual
salary.
The price at which May wheat closed
today did not represent a fictitious
value. 1t was, according to traders,
consistent with the price the world
over Mr.. Patten, had he wished,
might have put the price at IS and re-
naming shorts would have been COM
PEELED to pay it or acknowledge bank
ruptcy.
Remained Consistent
However, according to his friends, he
remained consistent with his assertion
that he had no wish to manipulate
prices but only to secure the legitimate
profits of his foresight. He backed his
judgment that there was less wheat in
the world than was generally believed
and found himself in control. Wall
street sold short as did some inhuen-
tial western spectators, but Mr.. Pattsn
stood firm. He took a vacation at a
critical period of the campaign and
ignored a decline of II cents that fol-
lowed his departure from Chicago.
That loss was more than recovered, for
it was only few days ago that the
cereal sold at s1.35A, the highest price
in eleven years.
Mr.. Patten has made a fortune, how
much he cannot say until his cash
wheat is marketed. His own admis-
sion, however, seems to make $1,000, 900
a conservative estimate. 1t may run
much larger The losses, it is said.
have fallen mostly on professional spec
ulators.
The battle is not over yet, for the
bulls and bears are still divided as to
whether empty bins will be replenished