The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-19
OATS ACTUALLY SOAR
SUPPLANT CORN IN HOLDING THE
CENTER OF THE STAGE
Stamped Caused BY the Situation of
July Shorts Caught in a Tight Trap
Price Up Nearly Cents-Strong Mar
ket In Wheat-corn Not Lively.

CHICAGO, July 18.-There was great
e ea ins m NJ u grains today Heavy
who bid so frantically to cover their out
standing accounts that prices-eSp5 cially
IN oats and Enthusiastically scared. At
top prices there was plenty of stuff for
sale in the deferred options and prices
Sagged somewhat July deliveries however
tiuctuated in fashion that would have
done credit to a corner and at the close
all prices were strong. July oats closed
bye higher; September oats 1c up; July
WI, Wheat H., s&c higher; September wheat nc
up; July corn &c higher and September
to SC higher. '-'' o'0'oN ~ io"eA
In the point Of spectacular display and
phenomenal advances oats (July in par
ticular) held the center of the stage. The
cause of the stampede was the single
situation OF a goodly numbr of July shorts
caught IN pretty tight trap. The un-
Iortunates saw no other way out than
to climb out at a high point, and in con-
sequence fought to save themselves. The
rain was the cause of the most trouble
From points near this market where the
grain is yellow reports came that whole
nelds were down and badly twisted.
Slim Receipts.
Receipts were only SO cars, 25 of con-
tract grade Of these arrivals only z
no nafs Mere new 81 stun ana these showed
a panic. 1t seemed impossible that with
the cash market booming and a big export
NOAA1uu llI6IO SIOuiu De any chance of
getting, enough standard oats to fill con-
tracts before the end of the current
month: Added to this news, which in
| user twisted the market in spasms. was
tne gossip that one firm controlled all the
OLD stuff In July and that Mayor Pratt of
evanston, who cornered May oats. had
the new July shorts under his thumb
Inere was big trade in oats not
Wltnstandlng the fact that offerings were
scarce The opening Of business was
Wild Wild; July new started SIC higher at
9o42c and touched 561ac before reaction
I set IN. September opened 1ac to NC up
At 5oc TO 5SAc and easily touched 1910.
After the first rush to cover there was a
tuil ana prices slipped back: Just be-
fore the close, however July new was
given another severe turn and closed ex-
tated and d, strong 5Ac up at ,57Ac. Sep
331Ac.
Wheat Very Strong.
Wheat had rush Of buying orders to
push prices up at the opening and a very
| strong market ensued. Houses with
SSo SOU connections were among the
pest buyers and gave as their reason for
increased bids the damage to wheat in
shock by last nights heavy storm july
was m special demand and was bid up
exc1tedly by shorts covering until 78c was
reached-a gain of 3kc over YESTERDAYS
Closing figure. Shorts were! badly scared.
Ihere We're several bearish Influences at
work, out little or, no effect was felt from
them. 49,
Gables were lower, but rallied. Receipts
Were much increased and foreign and do
mestlc crop advices were good. One
stat lst1cal journal issued bearish re-
| port and there was some selling as a re-
suit. The bullish incentives were the
ram, depleted stocks of stuff and a re-
markable shortage of contract grade stuff
In the railroads. Today the contract
grace equaled about three-fourths of per
year. This shrinkage is attributed large
ly to tie long and disastrous RAINY
season SO Wheat that naturally would
In IrIlvr
counted upon by shorts was badly dam
aged by yesterdays rains in Illinois, Iowa.
| Nebraska. Kansas and Missouri, Still
opened 5a@%c to A@asc up at 72%c to
72%c and sold at 72%c Profit taking
on the nsos advance brought reaction, but
| 1sc gain and TN @72%c. July closed
strong, 2ssc higher at TIC. Local re-
ee ed soy were 2S0 cars: Of contract grade
Duluth reported 1914 cars, making a total
for. three points of 424 cars, against s17
last week and 45S year ago. Primary
l. 15, 600 bushels last year. Argentine
shipments were only "a, 900 bushels. com
pared to $4,000 last year. Seaboard clear
bushels.
Corn Rather Dull.
dullness and fluctuated narrowly. Re-
celpts OF contract grade were materially
cut down today, largely because of the
decline in price, it is thought Selling
on the bulge brought on reaction and
there was little reasonable doubt about
inc market IKE the rest of the day. There
vas fair commission house demand for
December december and May and the bull party
were firm. July opened 2%c up to SIC
5 On support port but reacted to 65a4c on
nasa n sn+ and closed firm, SIC up, at
6lMc to 61Kc. and touched 6iAc on the
selling this option dropped to COZ a 6O%c.
ana closed only a trifle firm, nc up at
size. Receipts were 445 cars, IS of con-
tract Total contract stuff on the mar
ket amounted to about $50, 900 bushels.
PROVISIONS were depressed by early
outside liquidation. but on a buIlish hog
situation, packers gave the market some
support and partial rallies resulted Sep
9emper pork closed TIC lower at $1S.47H !;
September ribs &c up at $1O.82k.
estimated receipts for tomorrow:
wheat, 205 cars; corn, 415 cars; oats los
cars; hogs. 5000 head. ~
INC leading futures ranged as follows: