The Montgomery advertiser., 1902-07-27
chicago Grain and provis,Ons

Chicago, July 26-wiid and Jagged fiuc-
tuations in new July oats held specula-
tors on change spellbound today. In
twenty minutes the cornered option
slumped 16 lie and in as many minutes
more there was a rally of 12c. The crazy
Syrattons resulted from a rumor that the
Patten deal in July options had been set
tied and from the almost immediate con-
tradiction OF the same story. Predicted re-
ceipts for next week in all grains but es-
pecially In oats had much to do with the
bearish sentiment that was prevalent on
the hoor before the break started. The
depression spread into the other pits and
although traders were all at sea as to the
real position Of the manipulation in all
the three pits, yet at the end Of trade
prices were all rather bearishly democrat
lied. July oats lost IL, September oats
1-2@5-S. July corn 21-2 and September
corn lc. Provisions closed 71-2915c lower.
blackboard figures of the days work in
ths octaI b,,ssnsss ves nothinr nnasnal
Excitement naturally ran high and this
pit was the center of attraction to the
board following. At the start there was
some weakness in both July and Septem-
Der options Influenced by increased re-
ceipts. fair weather or at least weather
fairer than the general conditions of late
and expectations were that heavy gem
eral movement of oats to this center
26,000 bushels to knock July down iec and
In fluctuations of 2 and &c at time at
that A terrific slump came as great
surprise to all the pit crowd. Some had 1t
that James Patten had settled his con-
tracts Of about 100000 bushels with tho
shorts at something near zoe. Others said
cash houses expected big cash consign-
ments due here next week and were SELL
ing at the fancy prices against them.
GtiH others said the little shorts were In
and that the light selling was simply q
9eeler by the Patten clique to see what
the effect would be on the market and
on the shorts. 1t Is conceded that the big
shorts did not settle 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
good break in prices once the July deal
was out of the way. The crop reports
were exceptionally favorable. Naturally
all the deferred months felt the influence
n on q little bidding. Prices sagged to 50
at once on offerings. but did not begin
Its big slump until about mid-session
when July fell to S.. The close was weak,
shade up to a shade down at
"a is to 81. broke to 80 1-2 and closed
1@1 1-Sc down at SO. Receipts today were
more liberal than for some time at 224
cars. 40 contract.
wheat ruled weak Light contract grad
ing, higher cables and rains in the Me-
braskA harvests had only a temporary
bracing7 effect. Large receipts in the
Southwest started selling and closing out
a good long line OF July stun caused
big drop in that option. The beaT4sh SEN
fiment spread into other months and SELL
ing was general and heavy. At no time
market The market depression both in
oats and corn was additional cause for
weakness and weak close was the re-
suit At no time after the start was the
R-an- - a
huiIish incentive-Iow grading. This was
too heavily offset by the movement to
market and by the demoralized condition
OF the market for low grade stun. st.
Louis had over 100000 bushels today and
Kansas City about 200. 900. The latter point
expects over 800 900 bushels Monday st.
Louis reported stuff on the track unsold.
July opened lie down at rs and closed
&c lower at "a liz. September opened 1-8
to 1-4c up on the early bullish news
sIumped to non 1-S and closed weak 5-S
@1-2c down at 68 IA. Receipts &1 cars,
contract grade.
er all day. 1t was not so much matter
Of news as of no support that caused the
decline. Aside from the fact that July
options eased material at the start,
there were bearish advices that depressed
the other months. The pit ruled decidedly
heavy. With manipulation of the mar
kets so much in evidence as today. IL
was needless to look outside for the ex-
PLANTATION of the decline. July opened Ia
down at IS Ia. Solt at S. IL and closed
weak 21-2 down at g. The decline stop
ped on the buying of a few ,''fives." al
together the trading in July did not
amount to more than 10000 bushels. Sep
TENDER opened 1-S41-4c up at so 3-S to
90 LIZ. sold down to So 518 and closed weak
1c down at So IA. Receipts were 27S cars.
Provisions, after a steady opening on
D 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 clos
ed 1-2c down at 1870; September lard
15c down at 1917 IT, and September ribs
10c off at 1910.
Estimated receipts for Monday: Wheat
30; corn 1870; oats 295; hogs $4,000.
The leading futures ranged as follows;
AprTr,y vro