The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1909-04-23

CHICAGO, April 22-That James A.
Patten, hailed throughout the coun-
try as the wheat king, has withdrawn
from the market after disposing of his
heavy holdings of May and July
wheat, was asserted in many quarters
here today To this assertion was
added the fact that prices have tum-
bled over nine cents during the last
week, and that Mr.. Patten has sought
rest on his New Mexico ranch. Wheth-
er he has eliminated himself from the
deal" and, if so, whether he came
out with profit or loss, are questions
that can be answered only by Patten
himself. Those who read the dis
patches from Colorado anent the dis
couraging reception met by report
er who tried to interview the big
speculator between trains, expressed
the opinion that this answer seemed
unlikely to be forthcoming.
The session of the board of trade
was sensational today. Bulls had ex-
pected that after the Scent decline of
two previous sessions, a recovery
would ensue. Taking the Patten view
of the shortage as correct, and that
wheat was intrinsically worth the
price that has been paid for it in a
purely speculative way, the reaction
was due. But the first quotations
were startling disappointment to the
bulls.
From nearly every point came re-
ports of normal or even better crop
prospects. Liverpool prices were
down and the shipments from Argen-
tina, Australia and other foreign
countries were said to be greater
than usual at this time of year.
Bears filled the wheat pit in dense
mass and poured forth a swollen
stream of wheat. Longs liquidation
all along the line and the execution Of
stop loss orders added to the con-
fusion. Frequently it was impossible
to make a sale within quarters
of cent of the price designated by
the customer.
1t was a tremendous liquidating
market, and Patten might have been
buying freely through other than his
III q
work that he has changed his views
regarding the value of wheat. He
called May wheat cheap at 129, and
if he still thinks so it is pointed out
that the same option at 121 today was
an excellent investment. The same
was said of July at 1095s. The prices
were about nine cents under the high
price of last Friday.
While Mr.. Patten, quoted as saying
he was fleeing from reporters, was
making for the ranch of his friend
and partner, w. H. Bartlett, in New
Mexico, detection was pictured on the
faces of many small speculator
haunting the tickers.
Many a fortune has been wiped out
by the decline this week, and many a
man who had handsome profit on
paper, but still hung on for more, now
confronts deficit. The wide publicity
given the market brought into it nu-
merous men who ordinarily walk in
quieter paths. Even the regulars"
for the most part followed the bull
leader with unusual enthusiasm and
until today saw nothing further in
the declines other than furry. Mr.
Patten so characterized it and his
work was accepted. They held to the
limit of their resources and today
were wiped off the speculative slate
when their margins were exhausted.
They would have liked to have
known If Mr.. Patten had left orders
secretly to make further purchases.
In the absence of certain informa-
ton, however, Mr.. Patterns absence
and the utter weakness indicated by
today's decline, gave rise to hints
that "Patten was we'll out" They
went so far as to declare that the