Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1909-06-01
WHEAT DEALS MADE
PATTEN A FORTUNE
Big May Bull Campaign Ends In
Silent Pit as Traders Quietly
"Took Their Medicine Pat
ten Gives Clerks Bonus.

CHICAGO. May 29-The great and sue
cessful bull campaign in May wheat
passed quietly into board of trade history
today. Not a ripple disturbed the spec
ulative sea- James A Patten, the bull
leader. with his gray hat pushed back on
his head betrayed no elation. The
deal, to al. intents and purposes, ended
weeks ago, when the shorts, gradually
driven in. pocketed their losses. Still
lot of sentimental interest attached to
the last day. Among laymen fireworks"
had been anticipated, and the solitary
transaction in the option during the first
hour, marking up a quotation OF N.S4,
was a great disappointment
The first sale of wheat for delivery this
month. was made June g. last, at SO 3-4c
the bushel. Last Tuesday 1t sold at
81. 35 Ia, a rise of 40 1-2c. Mr. Patterns as
sertion that reserves have been almost
exhausted is apparently confirmed by
comparison of receipts in Chicago during
the last month. During May year ago.
.OO1 cars were received here. This month
there were but 1S3 Today, for instance,
but one car arrived.
Yesterday gu 900 bushels of actual
wheat were delivered on the board of
trade and today $4,000 bushels additional
were transferred. Most of this went to
Patten. Accurate information as to how
much wheat now rests In the Patten
warehouses is not obtainable, but the
stocks in public and private elevators ag-
gregate only 100000 bushedls. 1t is gem
eraIlv believed that most of this belongs
TO the bull leader and that he has PAID
In the neighborhood Of 100000 for 1t.
Before Mr. Patten can calculate his
profits on this deal he must merchandise
this wheat-turn it back into money by
selling 1t to millers here and abroad
ANY endeavor to estimate his profits Is
futile. The Bartlett-Patten house has
bv no means purchased all the May
wheat that has been traded In for its
own individual account Much of 1t was
for customers. other houses have partic-
ipated in the advance. These and other
factors render any attempt to estimate
the financial gains of Mr.. Patten the YER
| lest guess work.
| Close followers of the market are con-
| tent with the statement that he has made
q huge sum. which may grow or diminish
as he merchandise his actual wheat.
Half a dozen other houses have been
bullish on the market for months but
generally retired with their profits some
weeks ago.
PATTEN ALL SMILES.
Despite the immobility of Mr.. Patten'
countenance his satisfaction became APP
parent an hour after the close when
small army of clerks of the pit wearing
/ a broad smile, filed into the cashier
office to cash checks for 10 per cent OF
their annual salaries, present from MI
Patten. F
James A. Patten, during the brief
hours of todays session, made a fixed
price of $lS4 per bushel. Through his
pit clerk, Ed Walker, he bought or sold
| at that price, but the buying was almost
| purely theoretical on his part.
DIsPOsEs OF SHORTS.
He did take in a few thousand bushels
| from Trailer" who waited till the last
moment for his profits. but mainly he dis
| posed of about half million to shorts
who had hoped against hope to the last
moment, and then, in the parlance of the
pit took their medicine
The price at which May wheat closed
today did not represent a fictitious
value. Ut was. according to traders, con-
sistent with the price of the cereal the
world over. Mr.. Patten, had he wish
ed might have put the price IS and re-
naming shorts would have been compel
/ led to pay it, or acknowledge bankruptcy.
However, according to his friends. he
| remained consistent with his assertion
that he had no wish to manipulate
prices, but only to obtain the legiti-
mate profits of his foresight.
BACKED HIS JUDGMENT.
| He backed with his money his judg-
! ment that there was less wheat in the
world than was generally believed and
! found himself in control. Wall street
sold short, as did some influential west
ern spectators, but Mr.. Patten, noted
! for his stubborn convictions, stayed to
( the last. He took a vacation at a criti-
cal period of the campaign and utterly
! ignored a decline of IL cents which fol-
| lowed his departure from Chicago. That
! loss was more than recovered, for II
was only few days ago that the cereal
sold at $1.S5 IA, the highest price in
! eleven years.
| Mr.. Patten has made a fortune, how
| much even he cannot say until his cash
wheat is marketed. His own infrequent
1 admissions, however, seem to make 81,
900, 900 a conservative estimate. It may
run very much larger. The losses, 1t is
/ safd haua faiien mostly ON nrofeasfopa al