The Detroit times., 1909-05-10

The PIT Z
~~~~~-~-~~-~~~~~~~~
CHICAGO. May l0-will the above
happen TO the great bull. Jas. A. Pat
ten?
May 81 will tell the tale. That Is
settlement day. On June all the
world will know whether or not Patten
has won.
Never in the history OF the wheat
pit has any man passed settlement day
winner Many have tried. But
wheat has beaten them. The history
OF wheat corners u story OF ruin
and dishonor and suicide and financial
wreckage and broken men.
Will Patten win?
Some people are beginning to think
he will.
Let US see. in plain United States
language. just what win happen on
May 81. Whether he wins or loses
that day will go down In history as
one OF the most stormy in the story Of
wheat speculation.
Let's remember first that q short.
or bull. In this story. u . man who
has contracted to deliver wheat to
Patten on May 81. The price ranges
up TO s1.2e. or whatever may be the
highest option price reached by that
time
The short in making his contract.
believed that he would be able TO buy
wheat at lower price before May 81.
and make profit on his contract.
The bull, or long, is the man, like
Patten. and those who believe In him.
and have followed his lead. who has
contracted 10 pay for wheat At prices
ranging up to the highest option price.
The option price. we said. That is
the wheat pit price.
Day Of Reckoning.
There Is cash wheat price, too.
FThat is the price you'd have to pay
in open market for the actual wheat.
| It's been about 20 cents higher than
the option price 90 far. II Il were
lower the shorts could buy what they
wanted and I'LL their orders with Pat
ten at a proft--or else Patten would
go broke trying TO pay.
What will happen then on May 81 In
the Chicago wheat pitt
IF PATTEN WINS
The shorts. trying desperately to
beat down the price. will have failed.
Patten has said all along that this II
short year for wheat. His predic-
ton will have made good. The shorts.
| IL they have to buy wheat at anything
like the present cash price, will lose
hundreds OF thousands Of dollars. mil
lions OF dollars, In the aggregate.
They will ransack the world for
wheat, but they will have failed. In q
ruin On May 81. they will try TO buy
TO deliver TO Pa.ten.
But they can't buy the wheat. II
Is nol TO be had. Each man who hshts
for wheat will stimulate the demand,
and the price will soar higher and
| iGher.
The only price at which they can
buy the precious kernels 10 beyond
the frenzied shorts. Then the secre-
tary OF the board Of trade, black coat
ed. the only unmoved figure In that
mahiacal whirlpool OF humanity. will
rap for order.
"All trades with the frm of Blank.
Dash & Co. must be closed at once"
he will announce.
And the wheat pit will know that
q great brokerage house has gone to
the wall
There will be a consultation In Pat
tens Office. white-faced and ruined
men will bargain with their victorious
master. He will name the price at
which he will allow them 10 settle.
In other palatial offices. men inn
maculstely dressed. may tight their
battle out with q loaded pistol In the
rop drawer. and the knowledge that
the police will come before night un-
iess--
But II Patten loses
Then the mountains OF wheat gar
nercd around the world and rushed to
thousand Chicago granaries, by
armies of men in overalls toiling
night and day like nre ngh.ers. will
have teen enough and more than
enough To crush the man who would
dare TO try to control the worlds
food.
With Patten fghting a losing battle
=, the price will be beaten down and
down. He has contracted 10 pay, say
~hs-e- IN NhC ORtu hCt the ruOIlb
can buy for S1.25, for S1.2O, for 81.
And Patten will have TO pay.
To realize ready money he will
have TO throw some OF the wheat he
has already bought back into the Dit.
He will get the money. but that
wheat will have pushed down the
price another notch. A minute later
that wheat will rise up to help smash
him.
Has Been selling Cautiously.
For weeks he has been quietly sell.
Ing, cautiously. SO as not TO inter
fere with the upward march OF prices.
realizing money for the supreme
struggle. He has shipped his wheat
all over the world-anything to get
II away from Chicago. so that IL can't
come back and be used by his enc
mics.
But II isn't enough IL the bears
win. The shorts can buy and the
wheat they want and deliver Il to
paffpQ at fhc prf~a ho cot Aoa ~