The enterprise. [volume] (Harlem, Mont.) 1899-1926, 1910-06-01

on the rhro'1"o prsVa'e Sctt'en1enl
Of the May "deaI," and the unload
ing Of a huge line of September
option. May at noon had dropped
4as from $1.o55s last night to
$1.06I4. September opening at
97L2c to 97a4c, declined to 9334c.
Chicago, May Plat a loss esti.
matter as close to half million dol
lars, the Patten interests got out OF
the wheat market, disposing of the
last OF line of wheat estimated at
S,OOOO 900 to 100000 bushels.
It is believed the average loss on
the greater part Of this holding was
cents a bushel. The wheat was
July and September, mainly the lat
ter Much of it was accumulated four
months ago when crop damage stories
were the vital influences on the mar
ket. For once the Patten sources of
information seem to have failed to
come up to the standard of accuracy.
For the last fortnight the Patten
crowd stuck to their colors, furnish
ing muscle to sustain the market
when decentralization seemed inpend-
ing. Finally they got tired giving
support to a market which seemed
hopeless at prevailing levels for the
distant options.
Patten was up against strong capt.
talistic adversaries, not the least OF
which was the Armour interests.
AS the Pattens are to retire from
active business July l., this is be-
lieved to be the last big Patten deal.
It's failure throws a cloak over the
glamour of brilliant successes which
have made the name of Patten ia
miliar the world over.
With something like 100000 BUSH
els in transit on the lake from Duluth
bound for Chicago to be added to the
millions already here for delivery on
May contracts; with sturdy longs and
shorts of great wealth and much nerve
battling against each other, and with
transactions running into seven fig
ures every hour, the wheat market
situation has assumed that fascinat-
ingly interesting stage which precedes
the final climax. The reckoning
comes at Ills p. m. Tuesday.
No Spectacle Expected.
Nothing like the spectacular scenes
of the old days, when the big traders
were largely law unto themselves,
is expected, but the proceedings are
likely to be intensely interesting, rev.
ertheless. With the eyes of official
Washington more or less intently on
affairs as they are conducted on the
Chicago board, both dealers and the
board itself are disposed to be cir.
cumspect. Private settlements, with
few fireworks accompanying. may
constitute the vital features of the
going out of May.
Cargoes loaded hereafter at Duluth
cannot reach here in time to be de-
livered on the last day of the month.
Just what amount of contract wheat
is en- route to arrive within the sched-
ule of time has not been determined
definitely. Some shrewd traders affect
to believe the volume is much larger
than the newspaper accounts have in
Dictated. 1t is generally estimated
that the total deliveries in Chicago on
May contracts will be something like
100000 bushels, which will make an
aggregate contract stock here at the
end of the month of over 100000
bushels.
Most of this gain, according to the
notion in Board of Trade circles, will
be the property of Theodore H. Wa
terman, the Albany. N. Y. miller, the
leading long of the season for the
May option. He declares he will be
able to pay for all the wheat he has
bought. What his holdings are he
knows best. The figures suggested
by those who have followed the de-
velopments of the deal are 100000
bushels.
Settlement Reported.
The IDEAL" in May wheat in which
Mr.. Waterman, the Albany, N. Y. mil
Ter, is said to have been the control]-
ing "long" and Mr.. Lichstern the most
active "short," is reported to have
been settled privately. 1t cannot be
stated positively that Waterman and
Lichstern were acting alone. In fact,
Lichstern has frequently been report
ed as acting for big elevator house.
Quake Felt at Salt Lake.
Salt Lake, May 27.-A slight earth
quake shock was felt in parts of Salt
Lake valley.