The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-08-01
JULY CORNERS PEACEFULLY
DIE ON CHANGE AT CHICAGO.
DROP OF SIX CENTS IN
WHEAT THE FEATURE.
Injunction Has Quieting Effect on
Trade in Oats-Corn Closes
at Fifty-Six Gents.

Chicago, July 31-July corners were
| snuffed out to-day. Quietly and with little
excitement. save that influenced by the in
junction against a corner In July standard
oats, the manipulated deals died In the
arms OF their projectors. July wheat cut
the most spectacular figure by slumpinS al
most 6 cents. The July corn corner fitted
into history with the closing price 24c low
er than the high price exacted when
the Gates clique was in control. July oats,
although controlled absolutely by the Pat
ten-Frazier crowd, closed uneventfully.
| doubtless held down by the fear of dread
possibilities at the hands of the court when
the Injunction case comes to be settled.
with manipulation largely out Of the way
out. other options in grains felt the very
bearish effect OF big shipments to market,
lower cables, fine weather and heavy sales
and consistently declined all around. At the
wheat 5sG1c down. July corn &c lower.
Sept. corn &c lower. July oats 1c up and
212c up to 2l-c down.
Interest centered in oats, because Of the
injunction proceedings against James A.
Patten. Bartlett. Frazier & CO., and Car
rlugton. Patten 6 Co. Trade hung for a
tine because the case was in court. Little
covering was done early, which started
prices up somewhat. When the court in
ANA AShCN az ~ eN RoA
t~erested. and stated that only one house
was interested "a house short 5000 bu. Of
deals with this house. all business could go
on as usual on change, prices sagged. Pat
ten sold freely in the PIT to any one who
wanted the stuff at 65c-lc over yesterday.
Then rather heavy l!quidations set in all
around. The general feeling among specu-
junction in effect protecting one firm prices
probably would have been boosted, and the
July corner would have gone out with a
boom. For the first time to-day it was
learned that the bull interest controlled l.
$685. 900 bu. bough. below 4ec. OF this long
line 1t is estimated over 10000 bu. were
Most of the trading was in new, round lots
and another of 10000 bu, Fair deliveries
were made as the price In oats declined,
but a large number of contracts defaulted.
Details Of these will not be known for
s some time; 81 JULY after % opening sI &c up uloss at
Ic up at SIC; Sept. sold from use down to
BIC, and closed sale lower at 3lAc. Re-
ceipts were liberal ut 23 cars.
Wheat.
ure of the leading pit to-day. Trade was
be %erratic. Covering and the effect Of big
f DeiiTeSies se Of $1,000 f ba, in J pfstef ho @1s Z
with heavy selling in deferred options.
brought a break: July opened sc down to
sc up dl iOC 10 iOC, HuUS IRE lot some IlIIle
and then plunged in a panicky fashion to
t94c. Few traders wanted the July ar
ticle. although there was a fair cash de-
mand. Sept. opened &c to &c up at 70ssc
TO TO&c, broke to s9l4c. and closed weak,
TsGlc down at 691z463%c. Excellent crop
news. big receipts am fire weather in
f1uenced a marked increase in the Sept
Dec. spread. Dec. selling 1c below Sept. TIL,
feeling in wheat. as elsewhere. was that
with manipulation out of the way, imitation
must come out of prices in all options. July
closed SIC down at $3.50. Local receipts
were $40 cars. 7 of contract grade; Mime
apolis and Dulut reported 152 cars. MAX
ing a total for the three points of JO1 cars,
against 53 last week and 424 a wear ago.
Primary receipts we're Las, 600 bu.. COM
pared with $4,000 bu. last year. Seaboard
~clearances In wheat and flour equaIed 236.-
600 bu. The seaboard reported q loads
taken for export.
There was heavy selling In corn, very 1T
tie support arrived and prices broke. From
9pc the price OF July corn on July s. when
controlled by the bull crowd, the price had
declined. until to-day 1t closed at &c. There
was a fair strength to all options early on
the small receipts-only So cars. Selling in
sept, however, was heavy, induced by
bearish reports of excellent crops and good
weather. In spite of only 65 cars estimated
for tomorrow. Sept. sold from 5sasc down
TO 54&c: and July from SEC to Sc. There
was a little rally to Sept. as early cabIes
improved. but the close was weak. &c down