Evening star., 1909-05-29
PATTEN HAS WON OUT
May Wheat Deal Closes With
out Fireworks.
GALLERY is DISAPPOINTED
impossible to Estimate Profits Until
Holdings Are Sold.
v1NDICATIoN OF PRINCIPLE
Solitary Transaction During First
Hour-Reserves Almost Exhaust
ed-Many Share in Success.

CHICAGO. May 29.-The greatest sue
cessful wheat deal in Chicago's specu-
lative annals came to an unostentatious
end today.
All day, until the session ended at noon.
there was but one quotation for May
wheat-S1.34.
James A. Patten, leader Of the bull
campaign. was not on the trading floor.
The visitors gallery of the board was
thronged. Many Of the sightseers were
women. But there was no sight" to be
seen, except the normal gesticulations
and shouting Of pit clerks.
Nothing From Patten.
Mr.. Patten sat throughout the session
in his Office, chewing gum necessarily.
occasionally reading or answering a mes
sage. The air was surcharged with ex-
element, but 1t was not betrayed on the
faces of the habitually self-controlled
traders, who are accustomed to watch the
ebb and flow of fortunes without the
quiver Of an eyelash.
THE market is closed" smiled a clerk,
sticking his head out of a pigeonhole
marked ORDERS
''Huh?' inquired Mr.. Patten.
Its all over,'' said the clerk.
Nothing from Patten.
In all the crowd watching the quota
ton there was nothing indicating an in
terest in the passing of a historic cam
paign of which the quiet, gray man sunk
back in a chair was the unfaltering
leader.
There was no shaking Of hands, no con-
gratulations, no anything to furnish the
fireworks" in expectation Of which visit
ors crowded their way into the board oi
trade. No one in that office on which
the speculative eyes Of the world have
been fixed for months moved from his
chair. If there was one thing that be-
trayed elation In the crowd It was that
smiles were a tri1e reader than usual
but not much.
Patten Otherwise Engaged.
AS for Mr.. Patten, he smiled not at all.
His mind was busy with thoughts and
comments on the new crop, probable
prices next July, probable reserves by
next winter.
1t was a disappointed crowd which left
the board of trade gallery. They had
seen but little.
At the opening representative of Bart
lett, Patten & Co. offered to buy or sell
May wheat at $l.34. That established a
quotation, but there was not a single
trade.
All the shorts had gotten under cover
The figures stood throughout the session
1t testified to the complete success with
which Patten had conducted his cam
paign. 1t was not a manipulative cam
palSn and did not owe its success to the
employment of unlimited dollars.
Conditions were as Patten had fore
casted The final price did not reflect a
"squeeze," but rather the legitimate price
of actual wheat at this season.
Shorts Pocket Losses.
The deal, to all intents and purposes,
ended weeks ago, when the shorts, grad
ually driven in, pocketed their losses.
Still, a lot Of sentimental interest at
tached itself to the last day.
Among laymen fireworks" had been
anticipated. The solitary transaction in
the option during the first hour, marking
up quotation of $1.34, was a great dis
appointment.
The first sale of wheat for delivery this
month was made June 23 last, at S9A
cents the bushel. Last Tuesday it sold at
1.35A cents, a rise of 4512 cents.
Mr.. Pattens assertion that reserves
have been almost exhausted apparently is
confirmed. by comparison Of receipts in
Chicago during the last month. During
May year ago 1.O01 cars were received
here; this month there were but 133 cars
Today but one car arrived.
Yesterday 671, 900 bushels of wheat
were delivered on the board of trade,
and today $4,000 bushels additional we're
transferred. Most Of this went to Pat
ten.
Accurate information as to how much
wheat now rests in the Patten warehouses
is not obtainable. Stocks in public and
private elevators aggregate only 100000
bushels.
Holdings Yet to Be Sold.
It is generally believed that most Of
this belongs to Patten, who is thought to
have paid about $J 900, 600 for 1t. Before
Mr.. Patten can calculate his profits on
the deal he must merchandise this wheat
turn 1t back into money by selling it to
millers here and abroad. q
Any endeavor to estimate his profits is
futile The Bartlett-Patten house has
by no means purchased for it's own ac-
count all the May wheat that has been
traded in. Much of it was bought for
customers.
Other houses have participated In the
advance. These and other factors rem
der any attempt to estimate the finan-
ciaI gains of Mr.. Patten the veriest guess
work.
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.
Half a dozen other houses have been
bulish on the market for months, but
generally retired with their profits some