New-York tribune., 1909-04-23
FORTUNES WIPED OUT.
No Further Doubt in Chicago as to
Fate of Corner.
rBv Telegraph rc Tte Tribune :

chicago April 22-ROuted by Uuwelcor1s pub
Iicftv and criticism. James 4 Patteu has abdi-
Gated his place as King OF the Wheat Pit
and has fed to the seclusou OF his partners
ranch in New Mexico leaving his Heutenants 20
get him out of the hoie 70 the best possfbie al
vantage All further attempts at secrstiveness
have been cast to the winds and every one now
knows Of the discon1fturs of the Who Can1e
the nearest 70 running successful corner n
wheat since the palmv DAYS Of odd Hutch
Wheat broke 81. cents to-day under the press
ure of the selling which started as soon as y
became definitely known that Patten had quit
,ra game" His followers. who had been buy
f 9baa+ IN the breaks during the last week.
,roraa5ed 70 dump their holdings as soon a.
tbe1, knew what was doing Many Of them Who
live in the country. where te1egraphic cormunt-
cation even is slow. had scale orders IN to ouy
at prices ranging from One-half TO three or feur
cents under yesterdays closing prices and tnese
orders were executed by brokers before the ex-
cited customers could telegraph their tnstruc-
tions TO cancel all orders
Tho session of the Board Of Trade was sen
.t,a,,I p,,11s had expected that after the s.
cent decline OF the two previous sessions a re
lc,,ar1- would ensue Taking the Patten view or
bie crop shortage as correct and wheat m
+insicaIIv worth all that has been paid Tor u II
a nureIv speculative way. the reaction was Que
r.. the first quotations were a startling dis
srDointnnent to the bulls From nearly every
nnint came reports OF normal. or even better
rrops Liverpool prices were down, and the
sbinr,ents from Argentina, Australia and other
foreign countries were said 10 De sred'ei '-l-
usuaI at this time OF the year
Rsars filed the wheat pit in a dense mass,
and like an eruptive volcano. poured forth a
swollen stream Of wheat Longs hduidateo al
along the line and the execution OF stop loss or
ders added to the confusion
Eraouentlv IT was impossible to make sale
,,ityi- tbree-ouarters OF a cent OF the price dss-
tenated bv the customer 70 his broker
The Patten vortex OF other and more buIlish
davs. into which the cereal might be poured
seemingly without affecting It's appetite. was
NOT in evidence It was tremendous hqui-
dating market Patteu called May wheat cheap
at 81 o. and It was pointed out that the sans
option at 81 21 to-day was an excellent invest
ment The same was said OF July at S1OSs-
These prices are approximately nine cents under
the high price of last Friday
While Mr.. Patten-. quoted as saying he was
seeing from reporters. was making for the ranch
~ his friend and partner. w II. Bartlett. Just
over the Colorado line in New Mexico. detection
ms r,ict,,red on the faces OF many small specu-
1a+ors haunting the tickers IN various brokerage
houses
MANY a fortune has been wiped out BY tbs
decline this week. and many man who had
handsome profit on paper. but still hung on for
more now confronts deficit. The wide pub
1icitv given the market brought into II many
. man who ordinarily walked In duieter paths
Even the regulars for the most part followed
the bull leader with unusual enthusiasm and
until to-day saw nothing IN the previous
declines but a furry. Mr. Parren 50 charac-
tertzed a. and his word was accepted They
held 10 the limit Of their resources and to-day
we're wiped of the speculative slate when their
margins became exhausted and there was no
longer a reserve to draw
IT'S a fact that n ran away from the news
pspers" said one of Patterns friends to-day
He wasn't running a corner, and published
statements TO the contrary wore him out. He -
looking for rest. and he ought 70 find II. for Mr.
Bsrtlett's ranch comprises some three hundred
thousand acres. and no place on II Is there a re-
porter
Has he sold his wheat2''
''I don't know. doubt ~. He well az
ford to hold his line. for the pinch not
pected until the shortage began really 70 -
felt in June and July. He expected high
price then. and expected to market hts wheat