U.S. WHEAT KING DEAD

Sun (Auckland), Volume II, Issue 533, 10 December 1928, Page 9

U.S. WHEAT KING DEAD

BIG DEALS OF HIS CAREER CORNERS AND- “SQUEEZES" (Australian and X.Z. Press Association) CHICAGO, Saturday. -Mr. James A. Flatten, at noe time ”Wheat Kins” of the United States, died to-day from pneumonia. James A. Fatten was 'born on an Illinois farm 76 years ago, was educated at country schools, and then acted as clerk in a store for some yea.rs. Chicago lured him at the age of 26. First he was successful in bringing off many small coups. His first big deal came in 1891. Deacon White, of Brooklyn, tried to corner maize, but Philip D. Armour and other big financiers sold as fast as. or faster than, Mr. White and his friends could buy. Deacon White had to retire from the fray, having sustained enormous losses. But Mr. Fatten saw his chance. With prices at their lowest he bought quietly and steadily. The crop was a short one and the quotation went up to a high point, with the result that Mr. Patten made £200,000 or so. In 1902 and 3 904 he conduced successful “squeezes” in oats and made more money. 1909 also he did well out of oats, buying a million bushels , at 37 & cents and selling it at 72 cents a. . bushel. This transaction netted him a profit of about £70,000. Mr. Patten retired from business in 1910. Despite losses his fortune then amounted to between £2,000,000 and £3,000,000. He had created a great sensation in 3 908 by cornering wheat. He 1 bought millions of bushels of May wheat 1 in November at a price only slightly over i one dollar a bushel. By April the price i had gone up to 1 dollar 28 cents, and that transaction and further dealings in July ' wheat are said to have given him a profit • of £500,000 or more.