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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (April 20, 1909)
""' Till-" Allll.'VIVIJ IILtL'l'H. . . .r , - w-ituiY, itJSDAl, AFKIL r v 1 , , IT" KEY OF PATTEN DEALS Wheat Operator Planned Pres ent Campaign Last Fall; Prophesied Outcome. PLUNGING NOT IN METHOD Ball Leader's Plans Carefully Worked Out Long Beforehand, and Then Adhered To In Every Detail. BY JONATHAN PALMER. CHICAGO. April 19. (Special. Wames A- PatUsn said three months ao that May whoat would go to J1.2S In the Chi cago market. Before he announced hla prophecy he had been quietly getting Into the market In a big way on th same tniory. His forecast hae come to pass. Top figures for May in this market have racned considerably beyond the mark "f-t by the quiet, business-like man from the quiet, classic suburb of Kvanston. Mr. Patten has made a lot of money Jn tnis wheat campaign-money that already has one down into his pocket. In paper profit he has another fortune, which may or may not be elusive. In any event matters have progressed so far that the trade has satisfied Mr. Patten, who will come out of his campaign many hundreds of thousands of dollars ahead of the same. Mr. Patten, report to the contrary, was riot very much interested In being called king. He would much rather be called a ucceesful operator. Especially he does not care to be classified in the list of plungers who try to "corner" grain. In deed, he stakes his judgment after many years of hard and fast experience In the grain markets that no man or group of men In big enough or wealthy enough or shrewd enough to -corner" wheat, com or oats. It is his theory, emphasized ower and over again, that wheat, for ln tance, does its own cornering by being oarce. The law of supply and demand. Jia says, Is the "king." Relies on Judgment. Tn the word "judgment." probably more than In any other, is the Patten key. It Is the faculty that has for & long time distinguished the Evanston man from the big operators of the past. After he Jiad successfully carried to an issue sev eral battles in oats and corn, there was the old cry of "luck." 80 consistent was his winning ventures, however, that the trade finally came to think it was more a matter of judgment than chance. Mr. Patten, whether fairly or unfairly, has earned recognition as a market stu dent who manages to reach a vantage point where he can survey more of the wheat fields and granaries at a single weep than any other man. He ts able to do this partly because his source of information is so well organized, because he has so many shrewd scouts keeping vigil over the sources of supply. Supple menting this system of reports from a small army of trusted lieutenants is the Patten faculty for putting a value on the Information that reaches him. There have been some memorable wheat campaigns conducted from the Chicago pit as headquarters. In most cases the leading manipulators have been "stung' hard. Familiar names In the list of eo r a lied plungers are Edward Pardrldge, C. "W. Pard ridge. B. P. Hutchinson (Old Hutch. E. L. Harper, JoBeph Leiter. John W. Gates, and George L. Phillips, the last named being more interested in corn than in wheat. The Cincinnati crowd which tried to "corner" wheat in 1887 was led by Harper. The attempt was fol lowed by the most far-reaching financial disaster that ever grew out of a wheat deal. An Important Cincinnati bank was dragged to ruin in the crash, and with It went 30 or more firms caught in the speculative whirlpool. It was In June of 1SB7. the Cincinnati combination developed. Prices were advanced from 0caio and when the slump came there was a crash of values to 68c. "Old Hutch" had much better luck the next year. He ran a successful corner In September of that year, wheat advancing from 90c until It reached the dizzy height of J2. the top prices being reached on the closing day of the deal. Other corners of note were those of 1R67 when, on May 18. prices went up to J2.85; in 1871 when August prices were forced up to JL80 and closed the month at 1.10; in August. 1R81, when prices advanced from 11.19 to $1 38 and closed at the latter figure. Leiter Campaign Reviewed. Of more recent date the most re markable mmnalcrn ... - . . . . naa llicil I.UIKUII' o by Josenh Leiter in 1RQ7 icq 98. a Ioner and aggressive battl :le, ne. -...w xo De a winning on goi up to 11.80 on the 10 of that month, a k v- Oth - - - - wo . ' v. i .lit; 1 11 o 1 L nth 11 went out at Jl.Za. Leiter then trans ferred operations hA JUDGIyiEi months, and the balloon burst on July ! 13. It Is a matter of speculative his tory that this deal cost Mr. Leiter and hi father, the late Levi Z. Leiter over J10.000.000. P. r. Armour, then strong for the fisht. hired boats and brought grain from the Northwest ;lake ports, and delivered to the "young Kapoleon." It was one of the worst over-doses of wheat ever experienced Mr. Patten laid the simple ground plans for his battle early last Fall. In November May wheat was selling at $1.03. and at the close of that month ; under his persistent bull attitude and buying, the price had advanced to $1.084. It scored a further gain during December when as high as ji.n was paid for wheat for May delivery it was in the middle of that month the deal began to look dark for Pat ten and his associates. At least it looked so to the trade, but Mr. Patten composed his face Into "poker serenity and began to take the public into his confidence on his theory of the future of the market. There was enough in the domestic situation, he said, to warrant the prices prevailing. Production of wheat had not kept pace with the increase of pop ulation and demand at home, he ar Rued. He had information from the Winter wheat area which convinced rum the next harvest would be late even if It were ultimately satisfactory to the farmer. That meant, according to his presentations of the case, that the demand for last year's wheat must be carried over into a new crop month. Above all, he declared with emphasis, wheat In this country was scarce, the Government report and the bear experts to the contrary. Populal Imagination has credited Mr. Patten with holding as high as 30.000.000 bushels of May wheat. In an authorised Interview he gives assur ance he never has held 10,000.000 bu shels at one time. The fanciful figures of the pit observer are. perhaps, natu ral. The transactions In Chicago have been on a tremendous scale since the first of the year, and as is always the case, the buying of the leading bulls Impressed Itself on the public mind more deeply than the simultaneously selling. Estimates of the profits to data or 1 .. v . - ' .111111. ..II lllllllIW.ll I.I .IIIIU, WML0Ai,ib!qjPH)WM.fc -M-gfH - "W ! . ,tP w -1 J K ,4 . . rfi w win 'A- ill v:r- ' ! i . . H, -,V . S WfHf,!" "If' fi POHTLANU WOMEX START MOVEMENT THAT. ,T IS EXPECTED, WUI. SPREAD TO OTHER CIT.ES THRO.GHOIT ,r,TP ..-rnV-Th "rrln fPrV I6, F 11 " "on of a, o, A constitution was adopted and the following officers elected: President. Mrs 1 B Bartletf fir.t vi , . , Salmon: secretary. Miss Frances E. Gotshall; treasurer, Miss Harriet E. Mocr..- Bartlett. first vice-president. Mrs. Linda Bronson- of second and third vice-presidents was deferred until a later eetinjf ' cor3Ping secretary. Miss Llnna G. Richardson. Election nV'rZSSjZ'Z Z r,,rt.:0n S,mU" - throughout the state, and to the educational MrsTATaPlTc B Bartlett. Miss Llnna G. Hicl.ardson. Mrs. E. P. Rosenthal. M. IX. Miss Harriet E. Moorehouse. Miss Prince E GotshaU MuHelen J J WeU'' M" D- B' D on. M. D.. Sarah Whiteside La Barre, Mrs. Jessie Chapman Reed. Gotshall. Miss Helen L Tlnney, Miss Anne Shannon Monroe. Mrs. Lucia Faxon Additon, Mrs. Julia W'hat thev nromlsn tn k - 1 conjectural. Volunteer statlsticiana can marshal the figures to make the harvest n r o-niH an,rn,v.AH - . . AAA - - - - .-..j ...t. 11 .1111 l , U IMI . 000 to $5,000,000, or even $10,000,000. iaci worm bearing In mind that Mr. Patten is not yet out of the market, he announces that he is getting out as fast as he can. "And when I am out," he said, "wheat will ero still i i tIi t- -ov t . 1-1 , - .. ..j. v. v. x l 1 1 1 11 lv so r Because millers want wheat and can't ik. in roruana wheat Is virtually as hlsrh as It 1m In rv.iao-A t, i t.it. in Winnipeg and Buenos Ayres. No- ' ma. mug ine market In those countries. The law of supply and demand Is In force, that's all." Among those said to have profited by pinning their faith to the Patten theory and acting accordingly, are Charles E. Lewis, of Minneapolis; John T. Milliken. of St. Louis; B. C. Chris- torther. nf TTancaa Txrin-. -. ruthers, of Montreal; F. W. Thompson. a . V. -w M..I .. -I r 1 1 I i iiio jBiivw Mining company. Pop ular belief has It that the men handling the heavy guns on the other side are Easterners of wealth who can afford to lose, and are willing to for zest of the game. WESTERN FliOTJR GOES EAST Efforts on Foot to Relieve Shortage In Big Markets. For almost the first time since the mak ing of flour began In this country, the Pacific Northwestern States are sending flour to the Eastern markets. The scarc ity Is so great in the East and prices so much higher than here that this move ment has suddenly become profitable to the millers. Several hundred tons of flour have already been sold for trans portation across the Rockies, and the first shipments are now on their way. The movement promises to be 'heavy. The first lots to go to the new markets were started from Spokane and Walla Walla. No flour at tidewater points has been sold yet to Eastern buyers, but It Is possible that stocks at Portland and Puget Sound points may soon be drawn upon. It is estimated that there is a surplus of fully 60,000 barrels of flour available for this purpose at Interior points. The flour that the Easterners are buy ing can easily be spared. It Is a low grade article, such as It has been cus tomary to sell to the Orientals. Prices even on this -quality, have become so high now that the Asiatics cannot buy It. so it is being turned over to the East ern trade for bakers' and crackermakers' use. High-grade patent flour Is quoted strong In the market. Whether or not there will be a further advance in prices will depend entirely on the course of the wheat market. In the meantime Portland will not have dearer bread, as the leading bakers will "u,"": " sea at tne old prices. They bought flour heavily when it was lower unnse tne Dakers of some of the tastern cities, are not nin i TURN OVER TIME When Nature Hints About the Food. When there'i n n .-.i 1 . w. . , and ail th.i l nnA oa ,x . ,t . wvc-iii l seem to do any good then is the time to make a turn over In the diet, for that's L T2 way of drPPinsr a hint that ...0 xaii i me Kind, required. "For a nnrtihnr . r - . railroad work, much of It being office work of a trying nature. "Meal times were our busiest part of the day. Eating too quickly of food such as Is commonly served In hotels and restaurants, to gether with the sedentary habits were not long in giving me dyspepsia and stomach trouble which reduced mv weight from 205 to 160 pounds "There was little relish In any food and none of It seemed to do me any good. It seemed the more I ate the thinner I got and was always hungrv before another meal, no matter how much I had eaten. "Then I commenced n - Grape-Nuts and was surprised how a o.ucer 01 11 would carry me along, strong and with satisfied appe tite until the next meal, with no sen sations of hunger, weakness or dis tress as before. "I have been following this diet now for several months and my Improve ment has been so great all the others In my family have taken up the use of Grane-Nuts vith - 1 . -?f "se tion and much Improvement in health and brain power. "American people undoubtedly eat nave lots or worry, thus hindering digestion and therefore need iuuu mat is predigested and concen trated for nourishment." "There's a Reason." Look in pkgs. for the famous little book, "The Road to Wellvtlle." Ever read the above letter t A new one appears from time to time. They are Kenuina, trne, anifc full of human Interest. SCENE AT ORGANIZATION OF BUSINESS WOMAN'S CLUB OF OREGON. advantage of the flurry In the flour market to squeeze their customers. John A. Heusner, president of the Royal Bakery Company, the largest Institution of the kind in the city said yesterday: "It is impossible to forecast the future as It relates to the price of loaves. If any one can assure me what the price of flour will be three, six or nine months hence. I could say something definite on the subject. For the present, we shall not advance the price of bread, nor will our loaves be smaller. It happens that we have a supply of flour bought before the advance. We shall not take advan tage of the present situation. "No one can estimate what . effect the new crop will have on the price of flour. But If It Is to be held at the present price, all bakers will have to choose be tween higher price for bread, smaller loaves, or going out of business. The public will not demand manufacturers to suffer oss." WHEAT DROPS IX CHICAGO PIT Selling by Patten Crowd Drives . Down July Option. CHICAGO, April 19. Selling attrib uted to the "Patten" crowd and allies. aiinough on a moderate scale, today tii me price or July wheat off on the Board of Trade, the close on that option being 2 1-8 cents under Sat- iraay s final figures. At one time July 'old at $1.18 1-4. This, taking and consequent decline brought OUt StOn lnsn nrHor. ..nn. 1.1.1. . dropped to $1,15 7-8. Six-cent bread Rppme oaauA.4 1. ri. 1 v. v. ,i, v.i 1 lunp- ij. One prominent baker has said tljat he will ouvBuuc ine price to that figure May 1 and his example will be followed. If not i"" oy otners. No meetings of bakers will he. hoiH o. certed action looking -to an advance of prices could be prosecuted under the anti-trust law. Columbus Bakers Quit Work. COLTJMRTTK ri l,n 10 in,. lumbus Biscuit Comnanv tmiav an nounced that It hud dptorrxln down Its bread department Indefinitely because of tne high price of flour, due to the "corner" In wheat In Chlcan-o. Today Is poslUvely the last day for discount on East Side gas bills. Read Gas Tips. A BEAUTIFUL HOME AT GREGORY HEIGHTS would raake a handsome surprise for the wife, and it's easily within your reach, for we sell on terms easier than rent. ' terms fau?wirrour0p1anhOUSandS f bmeS V f moderate means' and have to fini " it to find Lots at GREGORY HEIGHTS are all level and cleared. Bull Run water, cement sidewalks and -raded streets. Prices : $100 and up $.5 down and $2.50 a month. 8 Your rent money is an absolute loss to you. You get nothing in return. It goes every thirty davs, and you never get even a shadow of a dividend on it. " ' If you are paying one-quarter of your income for house rent and thousands are paTino- more vou are working one full year in four for your landlord, absolutelv without pay! " Did you get that? ' F 3 Out of every $60 you earn, $15.00 is' wasted. Out of every $100 you earn, $25 is worse than wasted, for you see it and your family gets none of it! Turn over a new leaf. Make a new Golden Rule have it read like this : "I WTLIi DO UNTO MY FAMILY AS I HAVE BEEN DOING UNTO MY LANDLORD." Bring this ad TODAY or any day this week, to our office; we will take you out in oar auto and show you the property. Buy of the owner. We are the only people in Portland who build and sell homes on such terms. GREGORY INVESTMENT COMPANY, Owner 418 Corbett Building, Fifth and Morrison. HER FORTUNE LOST Mrs. Nelson Can't Find Hus band's Valuable Papers. LOST THEM HUNTING WIFE Deceased Believed to Have Left His Satchel and Securities In Saloon In Spokane Papers Worth $2O,0O0 to $30,000. TACOMA. Wash., April 19 (Special.) Assisted by her attorneys and widespread advertising.-Mrs. Anna M. Nelson, widow of Andrew P.. who died from pneumonia, contracted while searching for his wife while she lay In hiding from him In New York, Is -carrying on a thorough search for two grips containing bank books, letters of credit, certificates of de posit and other securities estimated to be worth between $20,000 and $30,000 which her former husband left in some saloon and which are believed to have been stolen. Without the papers It will be impos sible for Mrs. Nelson to draw on the small fortune which is In Government savings banks In Canada and British Co lumbia, and neither can she complete the settlement of the estate of which she was made administrator. Nelson had carried the grips with him to Spokane while searching for his wife, and return ing, left .them In some odd retreat. He was taken to the hospital and died with out telling where he had left them or without having made any effort to secure them. It is believed that In a moment of Intoxication he told of the valuable f m t, a i h . - u a- . r- m i n i ii t 1 im n n - l v v nil " irMwiiiiiimiiinwHirinsnwwiMWMitiiwsissi 1 S A I i contents of one grip and that It was stolen. . Death of Benjamin A. Wuest. Benjamin A. Wuest, age 23 years, of Hood River, died at Good Samaritan Hos pital yesterday. He was seriously in jured In an explosion three weeks ago and was brought to Portland. He Im proved for a time, but later suffered a relapse and yesterday passed away. He was a son of J. A. Wuest. of this city. DAILY METEOROLOGICAL REPORT. PORTLAND. April 19. Maximum temper ature. 67 degrees: minimum, 40 Wre8. River readttiK at 8 A. M.. 6 feet; chanse In a hour"- 9 foot rise. Total rainfall 15 r- ,' 5 f- !. none; total since Septem ber 1. 1908. 31.4 inches; normal, 38.70 inohea: deficiency, T.3K Inches. Total sunshine April 18. 8 hours: possible. 13 hours, 7 minutes. Barometer (reduced to sea-level), at 5 P M 30.13 inches. WEATHER CONDITIONS. A low preewire area of decided character la central this evening over Southern Utah. It has caused showers In ftsh and North em Nevada and unsettled weather in the nearby portions of the adjoining states The FOR THE PUBLIC New Formula Cures Coughs, Colds, Bronchitis and Hoarseness In Five Hours. Much Is being done In these days to stop the ravages of consumption, but probably nothing has been so ef fective as teaching the public how to break up a cold and cure coughs, bron chitis, ton.'-illtis, etc., with simple home mixed medicine free from opium, poi sons, etc. A laxative cough syrup, free from whiskey "and poisons Is the prime need. A cough indicates Inflammation and congestion and these In turn are due to an excess of waste and poisons In the rystem. A tonic laxative cough syrup rids the system of congestion while relieving the painful coughing. Get the following and mix at home: One-half ounce fluid wild cherry bark, one ounce compound essence cardloi and three ounces syrup white pine com pound. Shake the bottle and take twenty drops every, half hour for four hours. Then one-half to one teaspoon ful three or four times daily. Give children loss according to age. Cut this out and save It for some friend. a p- IF MAPS AND PICTURES MEANT ANYTHING- By the mendaciously lurid accounts of the numerous so-called "restricted" residence dis tricts which are being exploited in this city, the prospective purchaser might be influenced. As a matter of fact, these fanciful pictures have no basis in reality, and exist only in the mind of the artist who is paid to create them. We are at tracting people to PROSPECT PARK," the cream of Irvington, solely upon its intrinsic merits, not upon fanciful pictures. We invite you to drive or walk upon the asphalt streets in PROSPECT PARK, the cream of Irvington. We do not show you pictures of streets that have no existence in fact, and when we say ce ment walks and curbs, city sewer and gas, and six-inch and eight-inch Bull Run water mains we are "delivering the goods," not pictures. It's only a 10-minute ride from downtown on the "A" or Woodlawn car to PROSPECT PARK, the cream of Irvington. Get on at Fifth and Washington or Second and Washington streets," get off at Knott street and walk one block east to our office, where you will find Mr. II. L. Mum ford, our local manager, in charge all day and every day. These lots will double in value with in one year and prices will advance soon. ROUNTREE AND DIAMOND 241 STARK STREET EAST SIDE OFFICE E. 7th and Knott Sts. H. L Mumford in Charge temparaturc iiu remained nearly stationary since yesterday. The Indications ar lor showers Tues day In Southern Idaho and for (tenerally fair weather In the remaining- portion of the North Pacific Statea. FORECASTS. For the 28 hours ending: mldnlstht. April 2: Portland and vicinity Probably fair: west erly winds. Cove Orchard Oregon's ideal agri cultural community. The choicest section of Yamhill County, the garden spot of the Willamette Val lejr. Only 37 miles from Portland on the Southern Pacific Rail road. Rich, produc tive soil, irrigation unnecessary, climate unsurpassed. Organ ized upon the plan recommended by Roosevelt's Country Life Commission You can buy a tract of 5 or 10 acres at $300, on easy paj' ments. We will culti vate it until bearing, allow you 25 per cent of the net proceeds, and you can build your home whenever you like. In Five Years You Will Have an As sured Income For All Future Time. BOOKLET MAKES IT PLAIN Chapin & Herlow 332 Chamber of Com merce, Portland. Sr0" Probably fair; westerly winds. waohinnton Fair; westerly winds -A5ah.0?howr'' so"h. fair north portion. F.nWARD A. Patriot Forl-awcr! HOUSEHOLD NEEDS Cnn) Australian. Wyoming and Washington ""Coal delivered promptly in any quan tity. Phone us your order. star Coal Co. 40 2d at. Phones Main 1818. A 1984. Coal Kenvmerer coal, the best Wyo ming coal; gives more heat and less ash. Churchley Bros.. 13th and Marshall sts. Phones Main 031. A 3081. Pricps Kpdnppd on b""" slab, prompt X llirs IieuUlBU delivery. Stoel Bridie Fuel Co.. 47 Alblna ave. Phones JS. 434 C 1773. Flfrif Cut '''""rs always fresh from OIr own conservatories. Martin A Forbes Co.. 347 Washington st. Bota phones. Electric Fixtures "Lr' SS prices are rlBht. All work guaranteeo. Weatern Electric Works; el sixth street. PlatintT Knives. Fork Silverware) x iauii, r,.piated as good as new. Oregon Plating Works, loth and Alder. Main SS75, A 2?7. rftQ Richmond and Wallsend Australian. v"' Independent Coal i ice Company, opposite City Library Poth phones CLASSIFIED ADVERTISING RATE In Effet-t November 1. 1908. Uaily or bunday. Pw I In. One time 12c hame ad two consecutive times o ttame ad three consecutive times ,sMs Same ad six or seven consecutive times otto ix words count as one line on cai.h ad vertisements, and no ad counted for le. than two lines. When an advertisement ! not run consecutive times the one-time rate applies. The above rates apply to advertisements under "New Today" nnd all other claaslncm tlons excepting tlie following; situations Wanted. .Male. Nltuatlons Wanted. I'emaJe. For Kent. Kooms, Private Families. Rooms nnd Board. Private Families. Housekeeping Kooma. Private Families. The rate on the above clussitlcatlon is 7 cents a line each. Insertion. Space in the "'New Today columns Is figured by measure only 14 lines to the Inch. A receipt will be given for all paid-in-advance advertising. The Oregonian will not undertake to correct errors or ret una money unices this receipt Is returned. TO OIT-OF-TOWN PATRONS The Ore gonian will receive copy by mail, provided sufficient remittance for a drtlnite number of Issues is sent. Acknowledgement of such remittance will be forwarded promptly. In case box oftlce address is required, nse regular form given, and count this as part of the ad. Answers to advertisements will be forwarded to patrons, provided self-addressed stamped envelopes are furnished. On charge of nook advertisements the charge will be based on the actual number of lines appearing in the Paper, regardless of the nnmber of words in each line. ATJCTIOX SAXES TODAY. At Baker's Auction House. l.v Park s .Tine furniture, csrpeta. etc. Ssle at li o'clock. Baker Son. auctinneei s. At 211 1st st. The Portland Auction House). 10 A. M. J. T. Wll,on. auctioneer At 210 let st. bugffieit, etc ) a T M sharp. J. T. Wilson, auctioneer. MEETING NOTICES. APrfvr.? COUNCIL ROYAL ARUMM. meets at the Audi-L',m,- ThLrd -- the first T""lay of each montn at 8 P. M. Visitors cordially wel COm8 O. O. HALL. Secretary. . .iwiuan tiarawara Co. IVANHOE LODCE. no. 1 Regular meet Ing tonight in their castlehaTl Tilth Alder streets. Discussion of an excursVon to fnga,.,ne,heUrninotrg,ue,.h"ln nTo-B- M. LANCE. K. R. S. A. AND A. S. RITE. Alns worth Chapter of Rose Croix. Regular meeting In Me morial Hall. Scottish Rite C- o-cl- th" eV'nin at 7:45 By order WISE MASTER. A. AND A. s. RITE, Oregon Lodge of Perfection, No. 1 Special meeting In Auditorium, Scottish Kite Cathedral. this evening at 8 o'clock. Work in in n t n aegree. By order VENERABLE MASTER.