Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1910-05-27
Bears Turn on Wheat Trader and Civ,
Him Farewell Qruhhno


Chicago, May 27.-James A. Patten
Evanston's wheat king" sauntered Out
Of the board Of trade yesterday after
noon after having lost between s75o,o0t
| and 100000 on three hours opera.
tons. And he didn't turn a hair.
| The bears, from whom he has taker
! millions with no greater show of feel.
! ing, turned on him and, in a farewell
battle tried TO crush the big trader 1,
was the eve of Patterns retirement But
few hours before he had made the
final arrange1ne to seek peace tand
quiet far from the pit.
So the long suffering spectators who
have been his victims for years turned
on him and administered the mos,
thorough drubbing Patten ever has eN-
perienced in all his board of trade
operations.
Patten and his crowd We're compelled
to drop at least 10000 00o-possibly
more-bushels of September wheat at
loss ranging from to 1871 cents a
bushel
Just before the crash the T. II.
Waterman corner in May wheat ex-
ploded. This deal was closed with 2
private agreement between A. J. Lich-
stern and Waterman in which Lich-
stern dictated the terms to the de-
feated Spectator.
1t was this deal that swept Pat
ems September deal off it's feet and
left him at the mercy Of the crowd that
long has been awaiting just such an
opportunity. This blow came in the
midst of Patterns New York cotton
deals in which he has been reported TO
have lost from 100000 to more than
$1,000, coo. But he still is involved in
the cotton market and ris prospects of
pulling out winner or of encountering
! fresh losses in it are NOS past.
Moreover the wheat deal is not yet
closed. The Patten holdings, original
ly, We're some place between 100000
and 100000 bushels. It is believed
that much of this still is to be merch-
andised. probably at a loss.
The overpowering desire of veteran
Spectator to make just one more big
killing" before retiring brought about
yesterdays reverses for the Pattens.
According to one broker, PA item will
go out in a blaze of glory, but not the
sort he expected George w. Patten,
the younger brother, was the most en-
thusiastic promoter Of the scheme that
has proved so disastrous.
There has been a great crop dam
age in Kansas, he argued. At any rate
the public believed there had been one.
Why shouldn't another boom of wheat
prices be started? All of the Patten
brokers had been buying with all Of
their combined might and main for
many days.
But, somehow, things didn't seem to
go right. The price didn't soar as it
once had Then came the financial diff
ficulties in Albany that took capital
out of the hands of Waterman just at
the time he needed it most. Thus
weakened, when the issue was forced,
the corner fell thru and, with it, the
Pattens were carried away on the
landslide
AS noncommunlcauve as ever, MIR.
Patten last night delegated his wife
to answer telephone inquiries concern
ing his losses.
Lost $1,000, 10000? HIM, mostly
newspaper talk" he said thru his wife.
What about your plans for seeking
rest in the west, or in Europe?' was
asked thru the same agent.
Il announced my plan to retire two
| months ago, and I haven't changed
my plans" came back the answer.
| In the Western Union building Of
fees of the firm brightly burning lights
last evening testified to the efforts of
9. aS@9y- &c CLERKS &c arrive at some
thing approaching an accurate state
ment Of the days losses.