Evening times-Republican., 1909-05-29
Chicago, May 2s.-Early trading il

Chicago, May 2s.-Early trading in
wheat today was extremely quiet and a
disappointment to those who had pro-
phesied sensational advance in the
price of May as the result of wild
scramble among shorts to cover sales
before the expiration at noon, of the
spectacular deal in that option. Dur
ing the first half hour. the only quota
tion recorded on May was that made on
initial transactions which was a cent
higher than the previous close, at l.34
The market in general was firm. not
withstanding a decline of I'D TO a.d
at Liverpool July opening at 116la tc
1.167s. advanced to 1.11l2. Offerings
were light, and only moderate demand
caused a rally. Receipts of Chicago
Minneapolis and Duluth were 105 cars
The market continued dull turnout
the session. and prices moved within
narrow limits. May closed al 1.34. July
Is higher at 117s4.
AS near as can be estimated. the
winnings of Patten and his immediate
associates have been $1,000. 600. All
figures on the profits of the followers
of the big bull leaders are purely
guess work. but it is safe TO say they
are ahead many millions, and of course
the farmers have profted by the high
market and have also reaped hand
sonely by the manipulation of the
market, or the natural result of short
supplies, as Patten terms it, whichever
1t may have been.
For the most part the big deal has
had plain sailing since the turn of the
year-the big holding was bought last
October. 19os-and about everything
that Patten predicted has come to pass,
or is near enough TO merit the claim of
accuracy.
Winter wheat has proved very
scarce, but the spring wheat crop has
held out better than anybody in the
trade had expected. If there We're
any large deliveries of wheat today
and there is little likelihood that there
were-they must have come from
spring wheat.
1t is revealed, however. that the
great bulk of the spring wheat brought
down by lake from Duluth has been
sold to local nlillers and TO local cash
grain concerns which do a distributing
trade with interior mills. Altho there
were between 100000 and 800 900
bushels of this wheat-Duluth No /
northern-brought down this month. ii
is unlikely that deliveries to the end
of the business month SATURDAY. after
noon will be over 100000 bushels
This will make an aggregate of ap-
rnr6viyp q tn1y- Q Sn0 ,oi--
ten has taken in and paid for this
month, and it is safe TO assert that ev-
cry bushel of it can be sold at profit
over the closing price for May de-
livery.
The tales of magnificent profits fror
small beginnings made by occasiona
investors are countless-only second
in fact, to those made by farmers VIII
believed the Parten predictions of yer,
high prices.
Some Of the professional speculator.
have also piled up colossal winnings
but as a rule most of this class va
skeptical of Patterns success, and havt
contributed to the losses.
1t is fair 10 assume that Patten an,
his immediate associates in the bi,
deal cleaned up profit of approx
1nately % cents per bushel on 30, 900.
900 bushels. and that the big specu
lative FLOWING of the principals wo
from 10 to Is cents on a somewha
larger aggregate holding.
The principals, whose aggre gate. con
centrated holdings proved the center :
encouragement of ali of the owners G
wheat the world over, are believed {
have been ]. A. Patten, W. H. Bartlett
Frank P. Frazier and George w. Pat
ten. These held their wheat intac
thru many months. thus THROWN
the balance of power in favor of tn
owner of the wheat the world owe
because of the fact that the year
supply was very closely adjusted to tt
absolute demand
Corn.
Buying of May corn by shorts. cause
an advance of nearly one cent in II
price of that option, and resulted
fair strength in more distant month
July opened at 695s to 6924, and so
to 20. Receipts We're 416 cars.
A firm tone prevailed the entire da
July closed up Il a ss, at 20.
Oats.
Oats were quiet and steady. Shor
were moderate bidders, and commi.
sion houses seemed to have plenty
selling orders. July opened at 52g
b2% and sold up to 53@531s. Receip
were 402 cars.
Provisions.
Provisions were easy at the start, b
rallied on buying by local shorts
Range of Chicago Grain Prices.
Chicago, May %.
Wheat-July opened 1.1s5s to 1.1s7
highest, 1.171s; lowest, 1.161a; close
LIN; September, 10sA.
Corn-July opened 695s to 69s4; hig
EST 70; lowest, 695s; closed, 20. Sc
ternber, 67A.
oats-July opened 52s4 to 527s; hig