IN THE WHEAT PIT.

Dominion, Volume 2, Issue 519, 28 May 1909, Page 5

IN THE WHEAT PIT.

« ; PATTEN'S TACTICS. (di TBLjauirn—rßEss ASsocunos—cop-mianT.l London, May 26. Tho Now York correspondent of tho "Daily ;Mail" states that May wheat is ' quoted at Ss. 7jd. por bushol... Short selling has practically ceased, Mr. ( Armour having given up tho stuigglo. i It i 3 boliovod that Mr. Patten's holdings i - of May wheat aro small, and that ho lias transferred his speculative holdings to JulySeptember options, on which a struggle will ' Boon begin. ( (Rec. May 27, 8.10 p.m.) Haw York, May 27. Mr. Patton is settling, on goncral terms, Jfitb. tho majority of those who are short as regards May wheat. ' London, May 26. ( Wheat cargoes aro firm. Australian afloat is held for 445. 6d. and 455. a quarter. '[Mr. Jamoo<A. Patten, a central figure o ( f ' the attempt to "corner" wheat, "cornered' ( maize a,year ago, and was said to have on that occasion olearcd profits estimated at .£500,000. Ho started business as a corn shipper in with a capital of only JCIO6O. lie is said to bo distinguished ,by an imperturbable coolness in the midst of tho most exciting operations. During last year's gamblo, when tho Chicago "pit" was a very' Bedlam, tho "corn king" strolled i , coolly through the of excited broker*!, ( ohewtng a toothpick and indulging in mild bantering of his acquaintances. Mr. Patten's present coup was plannid early last snmmer, when he began buying wheal at 86 cepts a bushel for , May deliveries.]