The Scranton chronicle. (Scranton, Miss.) 1897-19??, 1902-02-01
BOTTOM FELL OUT OF OATS.
1t All Came About by Tremendous
Bear Campaign and Heavy
Liquidation.
IT WAS SAID PATTts WAS UNLOADING
Hut ratten Nns Dustng. aud when
the Longs Learned This. They He
Ean to Bus. and short sellers he
came Frtshtenrd aud Hurried Ia
CoNer-Thc Drop Almost stneEaIncd.

Chicago. Ian. 81 Panic stared
board of trade spectators in the
face when business opened Monday,
for the bottom seemingly had fallen
out Of oats. II all came about 10y a
tremendous bear campaign. begun by
enormous liqnidations IN May oats.
For some time traders had been pre-
dieting that something would hap
pen in oats. and as soon rs stream
Of May oats began Ia flow into the
pit, prices dropped, dropped. dropped.
At once gossip had il that James Pat
ten. mayor of Evanston. who Is cred
tied with corner Of 100000 bush
els of MAY onts. Nns unloading WEAK
holders of mareincd oats had To let
go everything they had. Exuherant
bears said: we told you So" and
began To sell short in great quaint.
ties. and everything went by the
board Millions of bushels were
liquidated. and in less than half an
hour May onts fell five cents. Sup
marked degree. The talk changed
from pattcn liquidation To the other
view of it--that an attempt Ind been
made again to squeeze fatten. When
IL WIS found fattpn was buying. aud
other longs came 90 the support, the
other short sellers became fright
ened. hurried To cover, aud prices be-
gan To ascend again. In i minutes
May had recovered nearly all 1t lost.
and after its drop from 49, to 3pA
began to steady around 80 cents.
The usual weather and corp eondi-
tions had practically nothing To do
with the onslaught. II was ease OF
speculative manipulation. And yet,
after the first hours trading. the
feeling was still very tense. Traders
feel that the coarse grain situation
| is o matter of gucsswork. The only
thing certain is that prices are very
high compared with ordinary years.
| Naturally the break in oats affect
ed other grains. Wheat and corn hat
slumped badly, Saturday. and were il
n fair position To break again, thougl
at the opening they had shown firm
ness. May wheat did break from 80
to II. but soon reacted ON the onti
revival To 77z- cents. May corn nls'
| fell off from 62 cents 10 co.,, ant
feeling the influence of oats relative
~ stronger than wheat reacted oi
the early squirt only to 81 cents. Pro
visions were weakened ms well, ant
broke from ; 10 221 cents
Patten SAYS They Got Left.
| Developments showed that bear
had taken advantage of Pattenl
absence from the pit TO rnic
the market. Mr.. Patten made thi
statement: Il have five of onts thii
morning. 1t is deliberate raid
There Is no doubt il was started +,
force me 10 sell The tnilers are out
but the people that planned the RAID
did not get what they were after"
May oats at one time went as low
at 39A. drop of 81. The reaction
Immediately to 43Hc. wns shorr
lived, for too severe a blow had beer
struck on top Of Saturday.
weakness May watered feebly after
the first revival Of strength. and
closed weak, 1A@1Ac. down, at leH
| n 42Ac.
Shorts were the salvation IN wheat
and their covering brought May al
one time 10 77Hsm 7sc. The close wa,
comparatively firm, &c. down, al
77Mc.
Corn continued weak with oats
and after the break wayered under
ole. closing weak, &c. lower. at COZ,
d60Zc.