Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1902-07-28
Grain and Provisions.

CHICAGO. July 26.-Wild and jagged huctu-
ations in new July oats held Spectators on
the exchange spell bound today In twenty min
utes the cornered option slumped 1880 and in
as many minutes more there was a rally Of l2c.
The crazy gyrations resulted from a rumor
that the Patten deal in July options had been
settled and from the almost immediate con-
receipts for next week in all grains, but es-
pecially in oats, had much to do with the
bearish sentiment that was prevalent on the
floor before the break started. The depression
spread into the other pits, and although trad
erS were all at sea as to the real position OF
the manipulated July options in ali the three
pits vet at the end of trade prices were
all rather bearishly demoralized. July lost 3asc,
September oats 1@115c. July wheat &c. septsm-
Der wheat hq%c, July corn 21Ac and September
corn &c. Provisions closed 71kQ15c lower
blackboard figures Of today's work in the
business in the pit was nothing unusual. Ex-
element naturally high and this pit was
the center of attraction to the board following.
At the start there was weakness in both July
and September options, Influenced by increased
receipts, fair weather. or at least weather
expectations were that heavy general move
ment OF oats to this center would begin next
week. II took only $4,000 bushels to knock July
down l6c, and in fluctuations OF and 8 cents
at time at that. The terrific slump came as
a great surprise to all the pit crowd. Some had
of about 1,5O0.O 900 bushels with the shorts at
something near zoe. Others said thatA cash
week were selling at the fancy prices against
them. Still others said the little shorts were in
a
by the Patten clique TO see what the effect
would be on the market and on the shorts.
II is conceded that the big shorts did not set
lie anything in the open market Gossip had
It, however that nearly all the shorts covered.
Mr.. Patten said he had made no settlements.
Natural conditions were such as to warrant a
good break in prices, only the July deal was
out OF the way The crop reports were excep-
tonally favorable. Naturally all the deferred
sagged 10 50 at once on offerings. but did not
begin its big slump until the middle OF the
weak gao under at SIC September opened
shade up to a shade down at 341sds4c, broke
to s2lzc and closed 1q1hc down at SSc. Receipts
at 224 cars. 40 contract.
Wheat ruled weak. Light contract, grading.
higher cables and rains in the Nebraska har-
vests had only a temporary bracing effect.
Large receipts in the southwest started sell
ing and closing out good long line OF July
stun caused a 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 to the falling
market The marked depression both in oats
and was additional cause for weakness
and a weak close was the result. AT no time
low the only real bullish incentive-loW grad
ing. This was too heavily offset by the move
ment 70 market and by the demoralized condi-
ton OF the market for low grade stuff. st.
Louis had over 800, 900 bushels today and Kansas
CITY about 100000 The latter point expects
stuff on the track unsold July opened 1sc down
at 76 and closed &c lower at 741zc. September
slumped to TQ71hc and closed weak 1R4Ssc
down at 71@G71Ac. Receipts 23l cars, contract.
Minneapolis and Duluth reported 2S0 cars,
total for the three points of 461, against 457
last week and 456 a YeRr ago. Primary receipts
We're 1,10S, 900 bushels compared with $4,000
bushels year aEo. Seaboard clearanees
equaled 81 900 bushelK
Corn prices melted away and ruled lower all
day. It was not so much a matter of news
as OF no support that caused the decline. Aside
from the fact that July options eased materially
at the start, there were bearish advices that
depressed the other months. The pit ruled de-
cidedly heavy. With the manipulation of the
markets so much in evidence as today, 1t was
needless to look outside for the explanation OF
the decline. July opened &c down at 65h, sold
at 65Jkc and closed weak, 2iac down at CSC. The
decline stopped the buying Of few fves.
Although the trading In July did not amount
to more than $50, 900 bushels. September opened
KDAc up at 60x960i5c sold down to 5S5sc and
closed weak, 1c down at 59hc Receipts were
278 cars.
Provisions, after a steady opening on a firm
hog market, weakened on general selling and
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 closed 71kc down at $3.50; September
lard 15c down at $1O.77ls, and September ribs
1Oc OF at 5000.
ESTIMATED RECEIPTS FOR MONDAY.
Wheat, 240 cars, corn. 100 cars; oats. 295 cars;
hogs, $4,000 head; hogs for the week, 115,OOo
head.
CHICAGO QUOTATIONS.