The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-19
Speculative Excitement in Chicago
Breaks Out in an Entirely
New Spot
PATTEN MAY MAKE MORE
THAN CORN DEAL MEN
He Takes Advantage of Peculiar Sit.
uation-Receipts of Oats Very Light
Shorts Reeretting Having Sold
What They Didn't Have and What
Is Hard to Get.
Special to The Globe.

Specldl 10 Inc GlODe.
CHICAGO, July 17.-Speculative ex-
citement broke out in a new spot on
the Board of Trade today, wild ad-
vance in oats forcing all thought Of the
corn deal into the background and
causing traders to once more doff
their caps to hayor James A. Patten,
of Evanston, the man who taught
shorts on May oats lesson in specu-
lation and who, 1t is claimed, is now
in position to make another killing
in the July market.
Under cover of the recent excitement
in July corn, Mr.. Patten, it is said, has
been able to perfect his plans for
squeezing" the shorts in July oats
and those familiar with that big spec
ulator's methods declare he is in a po-
sition to make out of deal, which, on
the surface looks rather insignificant,
as compared with the attempt of the
Gates crowd to corner the corn mar
ket, bigger profits than any member of
the corn pool. These statements are
based on the fact that Mr.. Patten will
not have to wrestle with any corpse"
as the expression goes, after he has
finished with his dealings with the
shorts.
The situation which Mr.. Patten had
the foresight to take the advantage of
is a peculiar one Early in the spring
the Board of Trade adopted a rulins
by which a grade of oats to be known
as STANDARD" were made the contract
grade" At that time May oats were
being boosted by Mr.. Patten. The
bears caught in one place were looking
around to find another channel through
which to get back their losses. Their
eyes fell on the standard oats for July
delivery, which at the time were SELL
in the 40s.
"Off" in Their Prediction.
The bears argued that new oats
would be available for delivery in July
and the price, which they argued was
high because of manipulation in May,
would break sharply when the new
crop movement started.
Now those who sold short are fully
awake to their folly. Stocks of old
oats have become nearly exhausted,
and heavy rains have prevented har-
vesting and consequently there are not
many new oats marketed. The cash
demand for oats alone has been excel
lent and the small receipts have been
used up as fast as they have reached
the market. There is practically no
stock of standard oats, the grade called
for by the new style July contracts in
this market.
With Patten holding such contracts
for the amount of 100000 bushels, as
generally estimated on change today,
which were purchased, 1t is claimed,
around 40 cents, 1t will be seen that the
SNpI y1cyf &c To
make the shorts pay literally for their
folly of selling something they did not
have and which has proved hard to
get.
Under urgent demands from shorts
standard oats for delivery this month
bounded up to 5615 cents, or 5 cents
above the closing figures yesterday.
The July delivery showed a gain for
the day of nearly cents, ranging from
52A cents to 57A cents. There was
not much for sale even at the ad-
vance.
Bumper Corn Crop.
CHICAGO, July Is. - Paul Morton,
first vice president Of the Santa Fe
road, predicts a bumper crop of corn
for the West and the entire country
this season. He estimates the total
crop of the country at $500. 100000
bushels and declares that the rail-
roads of the West will have all they
can do to take care of the increasing
traffic that will result. Mr.. Mortons
estimate was made after careful sur
vey of the situation, supplemented by
the lines of the Santa Fe and by re-
ports given him by agents Of the COM
pany in nearly every corn-bearing
state in the Union.
II am convinced" said Mr.. Morton
today, that this country will have the
largest corn yield in its history and
that the high water mark of 1900, ,000,-
900 bushels will be exceeded by at least
300,000,000 bushels"