The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1909-04-15
IS MAKING
MILLIONS ON WHEAT
Dictator in May Option Is Dis
posing of 20, 1000, 900 Bushels
Bought at 81.

Chicago. April l3.--James A. Patten.
the new king of the heat market, is
taking profits of s 100000 a day from
the wheat deal he has been engineering
for five months. and at the same time
Is causing the speculative market for
the cereal to reach new high records.
He sells about 5000, 900 bushels a day.
Patten has insisted all the time and
he still insists that it is not a wheat
corner, that he has merely bought
wheat because he believed it WOULD sell
higher after awhile. That after
awhile has come and he is disposing
OF the 20, 0O0, 900 bushels Of wheat he
holds at a profit of 20 to 30 cents a
bushel
With Great Skill.
Patten is unloading his wheat with
great skill. Many of the big shorts.
chiefly Wall street men, are hard press
ed II are willing to pay lmost any
price for May wheat. Realizing this.
Patten was given large quantities at
the record prices prevailing.
This appears to be Patterns system
to sell heavily while the market is at
$1.25 or over and to stop selling at once
as soon as 1t falls below S1.25. Having,
such an enormous quantity of the ce-
real he car thus control the market at
will.
The mai who today Old the wheat
market by a firm grasp and moves 1T
upward OF UoWIlWdTd at VIII mas llol
followed the usual course in wheat cor
ners. He has bought the wheat, has
paid for it n stored it. He has de-
manded the actual grain and AS a re-
suit he has the visible supply safe in
elevators, and those who want it for
delivery in accordance with contracts
must go to him for it. No one else has
any considerable supply of the grain
and rs settlement day draws near the
anxiety OF those who have sold short
becomes more intense.
Collected Own Dope"
Mr.. Patten knows something about
the Chicago Board of Trade. He has
made about $4,000, 900 in speculation in
the last three or tour years. Last
year he engaged in a campaign in corn.
and when 1t was over ne was $4,000, 900
richer than when he began.
His present wheat campaign was
made only after careful investigation.
Experienced and trustworthy men in
his employ visited all the wheat grow
sonal Investigations. They came back
with facts and figures that confirmed
MI. Patients ideas that the crop would
be short. He knew what conditions
were in Argentina and in Europe. as
we'll as in the great wheat growing sec
figures were before him before he
bought the first bushel Of wheat.
Passes Up Government Figures.
Mr.. Patterns figures disagreed with
those furnished by the Government.
That did not affect his views nor his
actions. Last October he began buying
wheat and he bought steadily until the
present week.. The price began to go
up slowly soon after the campaign be-
gan. The advance was 30 slow that
| Mr.. Patten and his associates got most
Of the wheat they now control at q
price ranging around 81. OF course
they continued buying after the price
went higher. That was necessary to
put the price where they wanted it, but
the capital invested In the high-priced
, wheat has not been considerable.
And now with the settlement day
near. Patten is taking his profits. He
Is letting those who agreed to deliver
wheat to him for 81 a bushei have the
! wheat to deliver at $1.25 and above.
Looks Like Farmer.
Patten is a big man physically and
looks not unlike a farmer. He wears
clothes that cost him not more han
$50 a suit. He knows scores of men
who grow wheat, men who do not spec
ulate but who have profted by his adj
yancing the price of the cereal. For
advances forced by Patten are for the
real wheat, the grain is actually de-
livered and paid for.
1 He began his business life as clerk
in a small store in Sandwich. Ill. His
wife has social ambitions at which Pat
ten smiles. But when her desire for So