Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1902-06-02
Grain and Provisions.

CHICAGO, May 31.-Aside from the ter
mination of the successful corner in May
oats and the higher prices in that pit.
speculation in grains today was again
under bear dominance, for the third sue
cessive day corn showed marked weak
ness and Influenced the other markets.
July wheat closed 1-Sc lower, July corn
S-4Q7-Sc down and July oats lac down.
May oats closed 5-Sc higher than Thurs
day and the top price on record 5-sc
higher than Thursday and at the top
price on record. Provisions closed firm
5d7 1-2d10c up.
Wheat for some time fairly held its
own. The opening influence were of a
strengthening nature and prices made
some fair advances Gables were firm
and Argentine shipments showed mark
eddy bullish decrease at 1886. OC0 bushels,
compared to 10000 bushels a year ago.
The prospects are that Mondays worlds
shipments will be small. These incen-
tives started July wheat a shade to LA
3-Sc up at p IA to p 1-2c and sold at
" 1-2d72 5-Sc. The buying that resulted
in this firmness soon gave way, however,
TO dull scalping market and a gradual
decline ensued. Crop prospects and
weather were favorable, counteracting
the bullish news and inducing the local
crowd TO sell short. Advices southwest.
however, told of too much rain. AS corn
there was further selling and July
breaking to II 3-4c closed easy 1-Sc down
at 72172 1-Sc. Local receipts were 21 cars.
one of contract grade: Minneapolis and
Duluth reported 81 cars for the two days,
making a total for the three points of
1872 cars, against 1S2 one day last week
and AIS cars two days a year ago. Pri-
mary receipts were $1,000 bushels COM
pared to $4,000 bushels last year. Sea-
board clearances in wheat and flour
equalled $4,000 bushels
Corn continued in its downward turn
today and executed a slump of lac
since the first of the week. The opening
trades were at a fair advance on good
cables and small country acceptances. 1t
was the increased receipts and fear of
continued heavy movement from the far
ners toward this market that pushed
prices down. Receipts were heavy at 412
cars for two days, and the estimate for
Monday was especially bearish at 800
cars. There was some short selling on
crop prospects and the generally bearish
sentiment, but the decline came mainly
from the absence of support. Most of
the session business was active, but of
local nature. July opened a shade higher
to shade lower at 81 IA to 81 1-Sc and
sold up on a little support by the leading
bull house to So lie. Persistent bear ar
gument brought a slump to 81 1-4d61 3-sc
and July closed weak, S-4q7-Sc down at
81 "a.
The termination of James A. Patterns
successful corner in May oats brought a
picturesque close to the business of the
week and the month. For several months
the May deal has dominated the oats pit
to the exclusion OF any very active bust
ness in other futures. Exceptionally
clever manipulation by Mr.. Patten Sc
cured for him a line of long stuff at about
81 cents. amounting to between 10 OO0, 900
faaA NJ n.
methodically from week to week, on the
corn scarcity and held at a uniformly
high price until May /, when Mr.. Patten
began buying the cash stuff and selling
II out at a good advantage, but at tempt
ing figures. Local stocks were practical
~ depleted, deliveries were taken in by
the shorts who wanted to deliver, but
the price hardly wavered from its strong
position. Many shorts settled personally
with the big bull without going into the
pit Today Patten himself bid prices up
and nobody dared sell what they would
have to buy from him and the result
was an advance of 5-Sc over yesterday
and a tightly cornered close at the top
price on record for May, 40 1-2c. Profits
to the leader are estimated at little
short of 81, 100000. The trade in other oats
was dull and uneven. Crop prospects are
good and with corn weakening oats sold
off, July closed weak, lac down, at
IS 5-Sc Receipts liberal at 291 cars.
Provisions again felt the effect Of the
strike of the packing house teamsters at
the yards Curtailments of shipments of
livestock has kept hog prices up fairly
we'll, but the crowd was afraid to do
much business. The firm hog situation
was AUGMENTED by a little packers sup
port and prices closed firm, July pork
Sc up at H.10; July lard sc higher at
1920; July ribs II 1-291Oc higher at
9.i2 1-2G9.75.
CHICAGO QUOTATIONS..