Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1910-08-02
WATERMAN WINS
MILLION IN DEAL
But Declares His Profit Came
From Legitimate Purchases
of Grain.
INQUIRY NOT EXPECTED
Chicago Board of Trade Operators
Now Are Planning to Squeeze the
New King in September.


Waterman, the newly crowned king
of the Wheat Pit" and successor to
the throne abdicated by James A.
Patton, richer by 100000 or more
as a result of the highly successful
deal in July wheat he closed out on
Saturday, emphatically insists that
the deal was in no wise a corner.
Old-time operators on the Board of
Trade say that if the Waterman July
deal was not a corner, then they do
not know what a wheat corner is.
The directors of the Board of
Trade, needing the complaints made
to them of the Waterman elevator
combine" operations in July wheat,
will, it is thought, make perfume
tory investigation and then dismiss
the matter without action.
There is no rule on the Board of
Trade prohibiting corners. An at
tempt some time ago was made to
pass a bylaw that would make cor
ners an impossibility. 1t was voted
down without ceremony. Board of
Trade men-the majority of them as
the vote showed-take the stand that
cornering the wheat or oats or the
legitimate business transaction, and
one that rebounds to the benefit of
the producers. The line of reasoning
is this: Corners invariably boost
prices; when prices go up the farmer
gets more money for his grain.
waterman Denies He Had Corner.
king" Waterman, the silent, I'M
communicative speculator who deals
in millions with as much nOnchalance
as many a man deals in dollars, who
risks immense sums of money on his
judgment of market conditions, said:
Il have never attempted to corner
a market. 1 buy large quantities of
wheat because l want it delivered to
me as the contracts say"
Nearly 100000 bushels of wheat
on July contracts were delivered to
Waterman on Saturday. He is the
man who will have to find market
for this amount of grain.
Notwithstanding Mr.. Waterman's
denial from Albany, his home, that
he is organizing a corner in Septem-
Der wheat, we'll informed Board of
Trade men estimate the, millers'
present holdings in September at s.
100000 bushels and they expect him
to largely augment these holdings
within the next few days.
Board of Trade men are drawing
comparisons now between Waterman
and Patten, between the Albany
mans deals and those engineered by
the former wheat king.
In May wheat a year ago Patten
Nvh nat
deal in his career. He made millions.
Comes to Grief in May.
In May wheat this year Waterman
attempted a big deal. He came to
grief. His losses were heavy.
In a July corner this year Water
man was a winner.
In a September deal a year ago
Patton came another cropper.
Waterman has a big September
deal now under way.
Corners in September wheat, Board
of Trade men say, are rarely attempt
ed. That is why they will watch the
new "King of the Pit" so closely
during the next few weeks.
Waterman differs from Patten in
that where Patten had hundreds of
IOiiO"SIo III Tic hActl net, w StISl man
has but few. Like Patten he has
way of keeping his own counsel and
working in devious paths. He is
about so years old, short, stout, with
a wealth of iron gray hair, a closely
cropped iron gray mustache and
keen blue eye. He is fond of base
ball, automobiles and other forms of
sport. In Chicago he spends most of
his time at leading downtown clubs
during his leisure hours.