The Marion daily mirror. (Marion, Ohio) 1892-1912, 1909-04-23
WHEAT PRICES
| HAVE TUMBLED
ASSERTED THAT PArrEN WITH.
DREW FROM MARKET AFTER
plsPoslNo OF HOLDINGS.
WHEAT KING IN NEW MEXICO
Many Fortunes Have Been Lost by
the Decline in Wheat and Reg
ulars" Wiped or the Spec.
ulatlVe Slate.


Chicago. Apr. 23. That James A.
Patten, hailed throughout the country
as "The Wheat King" has withdrawn
from the market after disposing OF
his heavy holdings of May and July
wheat was asserted IN many quar-
ters here yesterday To this asser
tion verisimilitude was added by the
fact that prices have tumbled over
cents during the last week and that
Mr. Patten himself has sought rest
IN the Businesses of a New Mexico
ranch
Patton Leaves for New Mexico.
Whether be has eliminated himself
from the so.called deal" and IT so,
whether he came out with profit or
loss, are questions that can be an.
swered only by Mr.. Patten himself.
Those who read the dispatches yes.
terday frQm Colorado anent the dis.
cOuraging reception met by a report.
er who tried to interview the big
speculator at Trinidad between trains
express the opinion that this answer
seems unlikely to be forthcoming
Board Of Trade Session Sensational.
The session Of the board OF trade
was a sensational one yesterday.
Bulls had expected that after the six.
cent decline OF the two previous ses'
siOns. a recovery would ensue To
taking the Patten view of a big crop
shortage as correct and wheat intrin-
sically worth all that has been paid
for II In q purely speculative way, re-
action was due. But the first quota.
tions we're a startling disappointment
10 the bulls. From nearly every point
came reports of normal. or even bet.
ter, crop prospects. Liverpool prices
were down and the shipments from
Argentina, Australia and other for
eign countries were said to be great
er than usual at this time of the year.
Tremendous Liquidating Market.
Bears filed the wheat pit in a dense
mass, and like an eruptive volcano
poured forth a swollen stream of
wheat. Longs liquidated all along the
line and the execution of stop orders
added to the confusion. II was a tre-
mendous hquidating market and Pat.
ten might have been buying secretly
through others than his own house
From him there has come no word
that he has changed his views as to
the value of wheat. He called May
wheat cheap at $1.29, and II he still
thinks so IL Is pointed out that the
same option at $l.2l yesterday was
an excellent investment. The same
was said OF July at $1.095s These
prices are approximately cents un.
der the high price OF last Friday.
While Mr.. Patten is quoted as saying
he was fleeing from reporters, was
making for the ranch OF his friend
and partner, w. II. Bartlett Just over
the Colorado line In New Mexico, de-
lection was pictured on the face of
many small speculator haunting the
ticker in various broker houses.
Many Fortunes Wiped Out.
Many q fortune has been wiped out
by the decline this week, and many
q man who had a handsome profit on
paper, but still hung on for more, now
confronts a deficit The wide public.
ity given the market brought into II
many a man who ordinarily walked
In quieter paths. Even the regulars"
for the most part followed the bull
leader with unusual enthusiasm, and
until yesterday saw nothing further
in the previous dealings but a furry.
Mr.. Patton so characterized ii. and
his word was accepted They held
TO the limit of their resources, and
yesterday were wiped on the specu.
lative slate when their margins be.
came exhausted and there was no
longer a reserve TO draw on.