The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1910-05-27
BEARS GET PATTEN
IN 100000
WHEAT DEAL
Losses Said to Have Dropped
2O,OOO,O0O Bushels
SQUEEZE OF 100000
Patten Said to Have Lost $1,2oo,oo0
and His Friends the
Balance


Patten, almost on the eve of his re-
tirement was forced to take the
count" yesterday in one of the liveli-
est bouts he has ever had with the
bears on the Board of Trade. The
big Spectator acknowledged defeat
by throwing over several million bush
els of September wheat at quotations
said to average fully 10 cents a bushel
under the purchase price. Many of
his followers likewise suffered losses,
which In the aggregate amounted to al
.arge sum. The total loss sustained
by Patten was 81 100000, and by his
friends, 100000, according to brok
ers' estimates.
Excitement ran high on the Board
Of Trade when it was learned that the
Patten crowd was on the run, and the
pit began to fill with offerings. Brok-
ers literally fought to execute orders
on a market in which prices were de-
clining in the sensational manner.
September wheat, before the noon
hour, had dropped 4 cents under the
close selling at 93A cents. This was
10 cents a bushel lower than It was
selling about two weeks ago.
For several days the bears, encour-
aged by favorable reports re alive to
the growing crops, have pounded the
market relentlessly. They took the
stand that Patten for once was wrong
in his judgment, and, as the saying
goes On the Board OF Trade. they
went cunning" for the Patten line,
which at one time was supposed to
aggregate at least 100000 bushels,
At first the Patten crowd resisted
these attacks, but their position was
80 weakened by the steady drop in
prices that the decision to abandon
the bull side Of the market was reach
ed az a conference held early in the
week. Since then the wheat has been
thrown into the pit by the millions Of
bushels the selling movement culmi
mating In the remarkable slump.
Not content with stampeding the
Patten forces the bears, led by Ar.
mour and Lichsterp. attacked the pos
ltion OF r. II Waterman, the Albany
miller, in May wheat forcing the
price Of that delivery down from ST.
1875 to Sl.O6A The Armour house is
said to have bought altogether In the
neighborhood Of 100000 bushels OF
actual wheat, which will be delivered
TO Waterman next Tuesday. The
| Eastern man and those behind him
are said to be ready to take in the
wheat and pay for Il. Waterman is
an old.time trader, who successfully
squeezed the shorts by boosting Sep
TENDER wheat last year The Armour
forces. II is said, have been working
night and day in order to get Wheat
down from Duluth in time for deliv.
cry on May contracts.
On the closing dealings September
wheat slumped to % cents and May
went to Si.05. These prices, so brok
en- declared. marked the end OF the
most disastrous bull campaign In
which Mr. Patten ever has engaged
The bears were jubilant after the
close of the session. and talked ex
citedly about the glorious victory
they had won. Pit observers declared
that Patten and his followers held al
one time 20,0OO,O0O bushels OF Septem
Der wheat or this amount Patter
and his brother George were credited
with holding between them l2.O00.O 90,
bushels. The wheat Is said to hav,
cost all the way from SlOi to sl.O7
bushel, the price ! averaging abou
Sl.05.
The same wheat was sold out from
9S cents down TO g3 cents. at an aver
age OF probably 90 cents. making tn,
net loss 10 cents bushel. or / 200
600 for the Pattens and 100000 70
those associated with them In tn
deal.
Patterns losses are reckoned TO b
the heaviest which any one operate
has suffered on the Board OF Trad
since Joseph Letters corner" wa
smashed by the late p. d. Armour.