The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-07-28
All the Contract Supply in Sight
Is Not Enough To Fill One
Tenth of Their Needs.
NEW YORK BULLS WERE LUCKY.
When They Accumulated Their
Holding They Expected to Get
40 Cents for It--COnditions
Have Forced the Price
up to 30 Cents.

REPUBIIc SPECIAL
Chicago. July with very small stock
in sight and but few days Of grace left. the
shorts in July oats are fast approaching
veEy critical period.
The price is the highest in a quarter OF a
century. being higher than the price Of
corn and, at one time. almost as high as the
price OF wheat. There probably never was
a smaller stock-certainly never a lighter
contract supply.
Considering all the contract oats in the
houses and on the tracks. there Is rot now
enough oats in sight TO nil a tenth Of the
outstanding July short interest The har-
vest conditions are 50 unpropitious II Is
temporarily almost impossible TO gather the
grain IN condition to make II deliverable
under the inspection rules.
Played Lucky.
The short interest IN the new July has
been referred to OF late as only a moderate
one. But that is an error. the result Oh
the clever tactics OF the bull interests.
The important holding OF new July eat1
Saturday exceeded 100000 bushels. instead
Of approximating 100000 bushels, as popu-
larly estimated
But It was not in the particular Of es-
tlmating quantities that the crowd missed
f. the most. Instead OF being a Patten
operation. the big end OF the July cats hold
ing belongs to New Yorkers.
NEW YORK BULLS PLAYED LUCKY.
The July oats holding was accumulated
in May and when It was taken the New
Workers. who were the buyers. had an idea
they would get 4oc for their line. The
price was never over &c for the stand
ard in that month. and II was as low as
The first surprise was the activity with
which the East took cash oats after the
close OF Patterns May campaign The No
mixed I'm June sold as high as 4s1sc and the
No. white at 65c. Another surprise was
the apparent exhaustion OF country sup
piles. A these features developed the
Gotham bulls rose TO the occasion. From
sec they raised their views to Soc.
About 25O,OOO Bushels In sight.
The climax was capped when the July
rains came and turned a splendid oats pros
poet into an uncertain one.
The advance from 20 cents 20 50 cents was
az easy and as rapid as from 40 cents TO 30
the Tuarkst went from 60 cents to 20 cents.
There are four DAYS left before delivery.
There may be. on the tracks and in all the
warehouses. $4,000 bushels Of contract oats
to-day. II is possible that In the next four
days this total may be increased TO 5000.
But this will not half supply the necessities
The holders have contributed 10 this re-
markable situation only by keeping quiet.
Their position developed in spite OF them.
The bulls. VINO expected 20 get 70 cents.
ind the market around 20 cents and 4
looks as II they might be compelled 20 pur-
chase some grain TO prevent the market
going to a point where great suffering
would result. and with II feeling OF des-
peration.
Fortunately the shorts have been pos
sessed OF wealth able TO stand punishment
and to conceal their losses. Inevitably there
have been some sufferers OF the other sort.