The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-28
NEVER WAS THERE A SMALLER
STOCK OR LIGHTER CON-
TRACT SUPPLY
NOT ENOUGH TO FlLLA
TENTH OF SHORT INTEREST
Statement That This Interest Was
Only Moderate Was Erroneous-JuIy
Oats Operation the Antithesis of
That in July Corn-A New York and
Not Patten Deal.
Special to The Globe.

Special to The Globe.
CHICAGO, July 27.-There are now
left four days of grace for the shorts
IN July oats. The price is the highest
IN a quarter of a century over the corn
figure, and at one time almost at the
wheat. 1t will be years before this re-
markable July situation is forgotten;
notable not only in the matter of the
prices, but in other particulars there
was probably never a smaller stock,
certainly never lighter contract sup
ply.
A week ago at the time of the last
official stock taking there was not
enough standard oats in all the public
houses to make up one single 5000
bushel lot for delivery on new July
sales.
1t will not be quite as bad as that
tomorrow, but taking in all the con-
tract oats in the houses and on the
tracks there are not now enough here
to fill a tenth of the outstanding July
short interest. The harvest condi-
tlons are so unpropitious that it is tenn
porarily almost impossible to gather
the grain in condition to make it de-
llVerable under the inspection rules.
The short interest in the new July
has been referred to of late as only
a moderate one, but that is an error,
the result of clever tactics Of the bull
interest. The July oats operation has
been the antithesis of that in July
corn. The latter was with a blaze of
trumpets as If there was the fear it
might escape attention. No one at any
time has been sure there was a July
oats line Of any magnitude. For a week
those who have been in the market all
the time have taken it for granted the
long line was a reduced one, perhaps
less than 100000 bushels, that it all
belonged to one man and was all held
through one commission house.
Understatement.
The important holding of July oats
Saturday exceeded 100000 bushels in
stead of approximating 100000 bush
els, as popularity estimated.
Instead Of being a Patten operation
the big end of the July oats holdings
belongs to New Workers. One commits
sion concern, the house presumed to
have the whole line, has a very small
share of it on it's books At least ten
firms are long on the new July Pat
ten, who has been regarded the en-
SlueSI OI speculation, mas Deen only
minor holding. There are)other Chi
cago firms who have more at stake
than he, so that the present oats op-
Grafton has been so quietly and clever
ly carried on that everybody has missed
1t, not only as to the amount involved,
but even as to the principals.
The July oats holding was accumu-
lated in May and when it was taken the
New Workers who were the buyers had
an idea they would get 40 cents for
their line. Tie price was never much
over 81 cents for the 'standard' in that
month and it was as low as 35 cents.
The~bullS, who had such modest views
as to the prospects less than sixty days
ago, have seen the price double itself
since they tumbled into "a good thing"
There never was more critical situ-
alton for a grain short than the i'm
mediate one in oats. The concentrated
holding is treble the popular estimate.
There are four days to deliver. There
may be on the tracks and in all the
warehouses 250,000 bushels of contract
oats today. 1t is possible that in the
next four days this total may be in
creased by 100000 bushels, but this will
not half supply the necessities