The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1909-04-16
TUMULT AND
SHIF ting
FORTUNES
In Wheat Pit, Three Million
Bushels Bought in Fiji
teen Minutes

Chicago, April 15.-It was day Of
tumult and sharply shifting fortunes
In the wheat pit OF the board Of
trade July wheat following an ad-
vance TO new high Lowell. suddenly
dropped 4 3-S cents The "pyramided
fortune Of small spccuIatorS vanish
cd in a trice and the development
caused vigorous cxertions By the bull
leader, James A. Patton.
Within the last fifteen minutes of
trading, Mr. Patton bought 100000
bushels of wheat for July delivery.
Nothing but furry he said, but
that was after the turbulent pit had
been deserted for the day. During
that final quarter of an hour. he was
busy man. Into the corridor Of the
building In which the Bartlett -Patten
sound OF high pitched, nervous
voices as clerks at the telephone shot
In buying orders TO the other clerks
in the pit.
Buy fifty. Buy a hundred. Buy
twenty-five"
These numbers referred to thous-
ands Of bushels of wheat. and there
were many smaller ones-so many,
in fact, that not all OF them were
filled. It was u physical impossible
ity to do go.
Mr.. Patten personally visited the
floor OF the exchange and directed
his own deals.
1t was Patten against the field and
the final gong showed that Patten ap-
rarently was as mighty as ever. His
purchases and those OF his followers
together with the profit-taking OF
shorts who lost no time in securing
tie fruits Of their bearish daring,
caused reaction of more than a cent
all along the line. Before this oc-
CURED the hoard Of many a small
speculator had gone.
Far from the maddening scene on
the board in hundreds Of bakeries
there was a different, although a re-
lated scene. Flour had risen and
The bakers were trying to find out
where their profits were coming from
unless the price OF bread could be
raised.
The speculative day on the board OF
trade opened without indications Of
the sensation to come. May and
July quietly rose to now high price
the former to S129 IA and the latter
TO s1.18 7-S. July price was the high
est since 1877, but neither mark Gre
ated unusual comment Either one
or the other of the options mention
ed has been doing the same thing
since the first OF tho month. There
has not been trading day since then
that one or the other has not created
a new top price.
Patten bought, and sold as usual.
mostly buying July and selling May.
He Is said to have disposed Of one
million bushels Of his May holdings
today and to be practically out of
that option. His energies are now CEN
tered largely In July.
Il still have some May" he said,
but l am chiefly interested now in
July. / am not paying much atten-
new crop months"
1t was fifteen or twenty minutes
before closing time when the selling
tornado hit the pit Stop-loss orders
came out in a deluge. and the bears.
stirred by a five cent decline al Win
nipeg based, it was said, on Te-selling
by exporters, attacked the market
with great spirit July tumbled half
a cent at time to LA IL. an OK
treme loss of 4 3-S cents: May in
larger jumps dropped to 126 and Sep
tcmber an undisputed new crop
month. which attained los 78, de-
clned to Loo Cd
Here the Patten purchases made
their influence felt and the close OF
the session found July at lis 5-SaS-4;
May at 127 1-3a5S, and September
OF 106 Ia.
In contrast to these prices. those
CT a year ago are of interest Dur
ing April year ago. May wheat sold
At an ayearge of 95 cents and July
around SO cents. The first sale of
wheat for delivery in May Of this year
was made here June 90 last at 50 3-t.
Whether II went TO Mr.. Patten, is not
Of public record but he was amOIg
rhc earlier purchasers. Since then
the price has risen nearly thirty cents.
This however, does not serve 10 give
Il line OH the supposed profits of MT.
Patten and his associates. No estim-
ale worth considering can be made.
With the May deal proper TO all
intents thing of the past battle
loyal will be waged in July. MIR.
Patten at the head of an influential
following, insists that July will be an
old crop month. that Is. flour must
bc made from the harvest of last year
instead OF the new wheat usually har-
vested IN the Wlnier wheat belt in