The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-07-27
BIG SLUMP IN
PRICE OF OATS
All Cereals Declined Yesterday
Owing to Favorable Reports.
PATTEN SETTLED CONTRACTS
OATS FELL BACK Is CENTS IN
TWO AND THREE-PoINT JUMPS.

HICAGO. July 26.-wild and
" jagged fluctuations in July new
oats held spectators on change
spellbound today In twenty minutes
the cornered option slumped 161s cents,
and in as many minutes more there
was a rally of II.
blackboard figures OF the days
work in the oats pit looked very SEN
sational, yet the actual business in the
pit was nothing unusual.
Excitement naturally ran high and
this pit was the center OF attraction
to the board followers
At the start there was some weaN
ness in both July and September op-
tons, Influenced by increased receipts,
Ia1r weather Cor at least weather fair
err than the general conditions of Iate)
and expectations we're that a heavy
general movement of oats TO this cen
ter would begin next week
1t took only $4,000 bushels to knock
July down 1e cents-and in fluctuations
OF and cents at time at that.
me slump came as a great surprise
10 all the pit crowd. Some had il that
James Patten had settled his contracts
or ABOUT 100000 bushels with the
shorts at something near 20.
others said that cash houses had
big consignment due here next week
and were. selling at the fancy prices
against them Still others said the
little shorts were in, and that the light
selling was simply a feeler by the Pat
ten clique TO see what the effect Would
be on the market and on the shorts.
II is conceded that the big shorts
did not settle anything in the open
market Gossip had il. however, that
nearly all the shorts covered
Mr. Patten said he had made no set
Elements. Natural conditions We're such
as TO warrant a good break in prices
once the July deal was out of the
way Crop reports were exception
ally favorable.
felt the influence of the see-saw. July
opened &c up at Il on a little bidding.
Prices sagged TO So at once on offer
lngs, but did not begin its big slump
until about midsessiOn. when July fell
TO So The close. weak, 3isc under, at
81. September opened a shade up to
a shade down at $4,000, broke to 321z
and closed 1Q11sc down at 80.
Wheat ruled weak. Light contract
grading. higher cables and the rains
in Nebraska had only a temporary
bractng effect Large receipts in the
started selling and closing
out good long line of July stuff
caused big drop in that option. The
bearish sentiment spread into other
months and selling was general and
heavy.
At no time was there good support
10 the falling market The marked
depression both in oats and corn,
was additional cause for q weak close.
At no time after the start was the
crowd inclined TO follow the only real
b11lii<f7 fnranrfyTa-forr-
This was too heavily Offset by the
to market and by the de-
moraiized condition of the market for
low grade stuff. st. Louis had over
SOC. 900 bushels today, and Kansas City
about 100000.
The latter point expects over 900. 900
bushels Monday. St Louis reported
stuff on the track unsold- July opened
&c down at IS, and closed cents
lower at 741z. September opened II TO
Nc up on the early bullish news,
slumped TO 71G711k. and closed weak,
1zG5sc down. at 71k41A-
Corn prices melted away and ruled
lower all day. With the manipuIaE@n
Of the markets so much in evidence as
today it was needless TO look outside
for the explanation Of the decline.
July opened 1zc down at 6514. sold to
s51z, and closed weak. 21zc down at So.
The decline stopped on the buying of
a few "hves." Altogether. the trading
in July did not amount 10 more than
l50.0 600 bushels September closed
weak, l cent down at 59A
Provisions, after a steady opening on
a firm market. weakened on lack of
support. The grain tumble had some
effect. Trade was not large. Little
interest was shown in the business of
this pit. September pork clOsd re
down, lard I5c down and ribs l cent
of
The leading futures ranged as follows: