The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-27
QUEER ANTICS IN OATS
THEY SLUMP OVER SIXTEEN CENTS
AND RALLY TWELVE CENTS
But, as Usual, the Trading Is Not at All
Heavy-Numerous Rumors About Pat
ten at the Bottom of the Market
Wheat, Corn and Provisions All Lower.

CHICAGO. July 26.-Wiid and jagged
fluctuations in new July oats held spec
ulators on change spell-bound today. In
twenty minutes the cornered option
slumped 1870. and in as many more
there was a rally of II cents. The gyra-
tons resulted from a rumor that the
Patten deal in July options had been set
tied, and from the almost immediate
ed heavy receipts for next week in all
grains, but especially 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 traders
were all at sea as to the real Position of
pits, yet at the end of trade prices were
all rather demoralized. July oats lost
SSBc; September oats; 1@1Ac; July wheat,
&c; September wheat, h@5kc; July corn
21kc, and September corn ic Provisions
closed TIC to 15c lower.
Blackboard figures of the days work
in the oats pit looked very sensational,
yet the actual business IN the pit was
nothing unusual. 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 September options, influenced by
increased receipts, fair weather or at
least, weather fairer than the general
condltlonS or late, expectations were that
heavy general movement of oats to this
center would begin next week.
Down Is Cents.
It took only g. 900 blu to knock July
down Ice, and in fluctuations of &c and
&c time at that. The slump came as a
great surprise to all the pit crowd. Some
had it that James Patten had settled his
contracts of about 1900, 900 blu with the
shorts at something near zoe. Others
ments due here next week and were sell
ing at the fancy price against them,
Still others said the little shorts were in,
and that the light selling was simply a
feeler by the Patten clique to see what
the effect would be on the market and
-on the shorts.
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 con-
ditions were such as to warrant good
break in prices once the July deal was
out of the way. Crop reports were ex-
deferred months felt the influence of the
see-saw. July opened Bcup at Tic on a lit
tie bidding. Prices sagged to CSC at once
on offerings. but did not begin the big
slump until about mid session, when July
fell to 55c: The close was weak, 3Bc
under, at SIC. September opened a shade
up to shade down at 341sc to SAC, broke
to 3214c and closed 1@11sc, down at 33c.
Receipts today were more liberal than for
some time at 224 cars, 40 Of contract
grade.
Weakness In Wheat.
Wheat ruled weak Light contract
grading, higher cables and rains in the
Nebraskan harvests had only temper
ary 5racing effect Large receipts in
ing out a good long line of July stuff
caused big drop in that option The
bearish sentiment spread into other
months and selling was general and
port to the market. The marked de-
preston both in oats and corn, was adj
d1tlonal cause for weakness and weak
the start was the crowd inclined to fol-
low the only real bullish incentive-low
grading. This was too heavily Offset by
the movement to market and by the de-
low grade stuff. ST. Louis had over
800 900 b. bushels sd. today, and Kansas City
about 100000. The latter point expects
| over 100000 bushels Monday St.
Louis reported stuff on the track I'M
| sold.
July opened re down at 7ec and closed
&c lower at 741zc. September opened
| Is @Ac up on the early bullish news,
sslumlped to 71@71%c and closed weak
eeipts were 2S1 cars, 5 of contract grade.
Minneapolis and Duluth reported 23O
cars, making total for the three points
456 a year ago. Primary receipts were
a year ago. Seaboard clearances in
wheat and flour equaled 571 900 bushels. =
Corn Lower.
| Corn prices melted away and ruled
| d
matter of news as of no support thai
! caused the decline. Aside from the fact
that July options eased materially at the
start there We're bearish advices that de-
pressed the other months. The pit
ruled decidedly heavy. With the manip-
| ulation of the markets so much in evil
dence as today, it was needless to look
outside for the explanation of the de-
cline July opened Nc down at 65A G
sold at 65Ac and closed weak, 21kc dowr
at 63c. The decline stopped on the buy
ing of a few "fves." Altogether the
trading in July did not amount to more
than $50, 600 bushels. September opened
B@Ac up at 6Q3sc too 601lc sold dowr
| to 585ac and closed weak, 1c down al
59Ac.. Receipts were 278 cars.
! Provisions, after a steady opening or
| a firm hog market. weakened on genera
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 TIC down at $3.50; September
lard 15c down at $10.7714, and September
| ribs 10c off at 5000.
| Estimated receipts for Monday: Wheat
240 cars; corn, 100 cars; oats, 295 cars;
| hogs, 5000 head.
The leading futures ranged as follows:
Open High Low. Close.
| Corn