Las Vegas age. [volume] (Las Vegas, Nev.) 1905-1947, 1928-12-08
'WHEATKlNG DIES
AT CHICGO
HOME

King" of the Chicago Board Of
Trade died of pneumonia at his
home here today. He had been
| III only short time.
James A. Patten's name was
known wherever the great staple
crops Of the world-wheat, corn,
oats and cotton-are marketed.
His attempts to corner" the
worlds market in each commodity
made his name familiar In many
J lands and brought him fortune.
How much Of his millions re-
mains is predetermined, for Patten
was reputed to have given most
of his wealth to philanthropic,
educational and charitable enter
prises. Once he declared that all
of his income, above what he
needed to support his family, was
thus distributed.
Patten was born on a farm at
Freeland Corners, Ill, May 8, 1852,
the son Of Alexander r. and Agnes
(Beveridge) Patten. The first %
years Of his life weer spent there
in the heart Of the Illinois prairie
and it was there that he gathered
much Of the knowledge Of food
crops that later made him a man
ipulator of the worlds markets.
From 1859 to 1871 he clerked in
a country store and from 1871 to
1874 worked on his grandfahter's
farm. In 1874 he went to Chicago
and during the next four years
gathered his education in grain
marketing as an inspector in the
state grain inspection department.
From 1878 to 1880 he was employ
ed in a brokerage firm, and in
1880 made his first venture in
business, in partnership with his
brother, George, in the brokerage
firm of Patten Brothers. The
partnership lasted until 1908. when
George retired from the firm and
new partners came in.
In 1910 Patten announced his re-
tirement, but he remained an ac-
tive speculator for several years,
and at least two Of his big market
coupS were executed during 1910
and the years thereafter.
His start as Speculator oc-
Cured in the late seventies, when
he entered the corn market with
S2,500, his entire savings and
bought calls" closing out later
with a profit of $4,000. The new
capital was soon reinvested and
within a short time had multiplied
several times over. BY 1890 Pat
ten was a recognized leader in the
Chicago grain pits.
It was in 1909, however, that he
became an international figure
through his efforts to corner the
wheat market. He bought, 1t Is
estimated, 100000 bushels of
wheat. Publicity wrecked that am
bilious scheme and In 10 days time
he saw his paper profits" slump
from an estimated 100000 to
$5O0,000.
Following the failure Of the
wheat corner Patten turned his
activities to the New York cotton
market, and In 1910 In association
with Eugene @. Scales, Frank B.
Wayne and william P. Brown, en-
gineered a cotton corner. AS re-
suit all were indicted by the Unit
ed States government for violation
of the Sherman law. The govern
ment, in its suit, estimated the
possible profist in the deal at
$10,O00,000. Patten, after several
years of litigation, pleaded guilty
and was fined $4,000. He and
oilers had previously been sued
for restraining trade by cornering
oats In 1902. Ten years later Pat
ten cleared 100000 in corn. The
deal too ka year to engineer and
involved more than 100000
bushels of the grain.
Patten, it was said, never
"gambled" On the market. To OBJ
tain accurate information he main
tanned an elaborate and expensive
crop reporting service which, to-
gether with his own wide know
edge Of market conditions, furn
ished the data that made his deals
in most cases successful. Besides
being a speculator he was for
year an active Board of Trade
dealer.
Northwestern University, of
which he was a trustee for Is
years and to which he gave ST.
100000 was one of the principal
beneficiaries of his generosity. An
other of his gifts was $125,000 to
the Evanston hospital.
Patten always took an active
part in Republican politics. The
only office he ever held, however,
was Mayor of Evanston, Ill, his
home town from 1901 To 1905