The Paducah evening sun., 1910-05-27
Drop Of Two Cents Breaks
Them in Droves Before
Patterns Buying Pushes
Cereal Up q Few Points

keL opened near pan G lnlS nOfu-
ing. Every available broker was on
the floor, and a food of selling or
ders forced the May option down
from y TO IL under yesterday s
close. Big operators threw great
blocks of wheat on the market. IL
was evident the bears had the mar
ket. Patten. leading the bulls, is
credited with the bulk OF the selling
to minimize his heavy losses of yes
terday. At the opening Patten was
credited with holding to million
bushels OF September wheat, which
cost him slO4
Followers of Patten went to the
slaughter in droves on a break OF 2
cents. Buying b the Patten house
later caused a rail- ofy from * TO
IN.
Yesterday proved to be a
momentous day in Chicago board of
trade, in which net declines in prices
ranging from 4 X cents in September
and more than cents in the May
option. marked a sensational drop in
wheat. Some of the details summar-
lied are:
The private settlement OF Theo-
dore H. Waterman's squeeze in May
wheat.
Unloading the 5000 900 bushels
OF September by James A. and
lEanrUa Ii Dottap ard ta,a onn1,.naa
ment OF their withdrawal from the
brokerage firm OF which they have
been members for a generation, and
at least temporarily from business.
James A. Patten left his Office last
night wearing a smile and in his
limousine read the headlines that es-
tlmated his losses anywhere between
1910 900 and s641, 900 for the day.
Asked II he had anything 30 say
about the market the big speculator
laughed and said: "Just say ! don't
know anything about the market"
In this jovial manner Patten ad-
mitted that he had come out second
best in a guessing contest with the
bears.
"Not many men could take II like
that" remarked his admiring junior
1 partner.
| The exact status OF neither the
May nor September options despite
the days developments.is understood
with certainty. As to Patten. II is
not known whether he and his BROTH
er George have disposed of all their
September holdings. While their re-
tirement is announced, it is not ef-
fective until July /. Certain traders
profess the belief that the market
will be called upon TO absorb much
more long September wheat during
the next month. The same question
arises as to the May option: has 1t
all been settled for?
Traders are assured that Theodore
II. Waterman, the Albany miller, the
leading long in May, has carried his
| deal through to a successful conclu-
sion. and forced the leading short in
terest to settle with him at his own
price, generally believed to be around
S1.14 a bushel
Any effort to gauge his profits Is
futile. A j. Lychstern is said TO
have been a leading short in this
option, but chiefly as an agent for
big elevator concerns. Several car
goes OF actual wheat we're delivered
Ito Waterman during the last ten
DAYS in an endeavor to break the mar
ket. The latter bent, but It did not
break. That a settlement has been
effected became known today when
cargo of No. 1 northern wheat. con
signed to Chicago for delivery to
Waterman, had been diverted to
Buffalo. How many Others, II any
short contracts remain to be settled
before the end of the month, when
1.-THE option ceases, is a matter OF con-
lecture.
The extreme declines were 5S
lcents for May and cents for sep
tember. At the close May stood
Los to 1861 and September at sS.
The last prices We're within