GAMBLING IN WHEAT

Otago Daily Times, Issue 14577, 16 July 1909, Page 7

GAMBLING IN WHEAT

STAMPEDE IN CHICAGO. MR PATTEN CONTROLS THE > SITUATION. Press. Association—Ey Telegraph—Copyright, ■CHICAGO, J.nly 15. (Received July 15. at 8.50 p.m.) A sensational advance, of 9 cents in> July wheat in Chicago lias caused a stampede amongst the shorts, who are .alarmed at the delay in to-vesting operations, which is due to rains in the west and/ souih-west, LONDON, My 15. (Received July 15, at 10*40 p'.m.) Mr Patten controls tlicimmediale supply of July wheat available for aggregating 5.000.000 bushels. The present price is- 127 cents, hut lie hopes to forco it to 150 cents, and make a profit of £500,000. Writing on May 30, the Now York •correspondent of the Daily Mail stated-.—"Mr Patten's deal in May wheat being completed, I learn on authority that it si profits will reach the comparatively mxlest. sum of £700,000, of which £400,000 is Mi- Patten's personal share. The rest is tho winnings of a clique of millionaires and wheat operators, who deposited money wiili ,',ho 'Wheat King'' ami left, the direction, of the deal to his sole discretion. "The deal will be famous not only as tho second successful wheat cormn- in iistory, hut. also for the moderation of t.h« -man who made the corner. Dealing writh the few remaining shorts on Siitnrday, Mr Patten put the price for deli-wry at 5s 7d a bushel. He could just a*, easily have, exacted half a guinea a bushel, because hehad the only wheat available. Bo I, sensitive as ever to public opinion, he chose to make the price only a halfpenny above Friday's closing figures. "Careful calculation shows that Mr Patten purchased during the inonvh about four million 'bushels, paying from 4s to 5s a bushel. He has sold an average of 50,000 bushels daily at tho market price, with an estimated average profit of 10da bushel. H© is still believed to have two m3l!an bushels which he can. sell practically at any price he likes, he having the only cash wheat in the market. Those profits lwvt.biien made principally at the expense, of Wall street operators, who, not believing in the natural shortage which Mr Patten was clever enough to see ahead, fought his manipulation until the last week. Tho chief losers are said to lw 'tlio Pittsbirr" steel crowd,', in which Messrs Prick and Phipps are tho most prominent fiyjweß. Hut the greatest. less falls on the public. Mr Patten's corner ccst probably £12,0(0.000 m increased prices to consumers Mr Patten io-day attended the- Kvanston Pr.-ssby-teriau Church, whore ho passul round' tho plate for the collection as usual. There was great curiosity regarding .his own contribution, which his fellow-wardens refused to gratify. The only known- donations out j of tho profits have been to clerks of his firm of Daiilolt, Patten, and Co. 'fflioj- ' were summoned successively to his privafo office on Saturday, and each received a cheque or gratuity equivalent to 10 per cent. on his annual salary. '