The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-07-29
OATS CAUSES
A SENSATION
July Oats Sold II Cents Off at
One Time.
OTHER GRAINS AFFECTED
Result Was An Easer True
and Suspicious Spectators.
OTHER GRAINS AFFECTED

Chicago. July 2s.-oats had another sen
sationaI drop today. July standard selling
off y cents at one time. There was Moth
ing particularly eventful in the trade thus
affected. but the weakness naturally had
an influence on the other pits. which had
bearish incentives Of their own. Princi-
pal Of the bearish influences was the
| burdensome quality of new grain being
rushed TO market to be delivered on con-
tracts in manipulated July options. The
result was an easier tone. yet with shorts
still wary July wheat closed cent down
| September wheat 4 cent lower, July corn
cents down, September corn rs cents
down. July oats 9 cents lower and Sep
| TENDER oats 4 cent lower. Provisions
closed 5 to ~ cents lower.
In point Of spectacular display the oats
pit still held the attention Of traders, al
though the business in this pit was small
and actual news OF little moment. The
violent action Of the July market Satur-
day was still in mind. and many specu-
lstors were Of the belief that the July
deal was off. This view Of the situation
gained all the more credence when the
first sale OF July standard" was made al
loss Of cents from Saturdays close at
81 cents. For an hour practically nothing
vas done in this option. Then. on the
selling OF few ''fives. the price tumbled
headlong in dips of cent and ? cents
until 50 cents was reached The general
condition OF other options did not war
rant any great weakness. Many oats
were being rushed here TO market and
the grading vas much improved. There
was a fair demand. however. in the far
Their months, and this put a check on the
decline. The speculative talk today was
that New York clique and big local
commission man who controlled more
than James Patten is said to hold of July
were letting the market alone so that
the extremely heavy receipts would not
have TO be taken on by them at fancy
prices. September was very narrow. sell
ing down from SO cents TO 529s cents, and
closing only easy L cent down at 92A
cents. July rallied little on covering Of
several small short accounts and closed
cents down at IS cents. The fluctuations
in July were abnormal, but caused little
excitement. spectators taking for grant
ed that they would be very wide in such
a narrow market. Receipts were heavy at
SH cars. Estimates were still heavier for
tomorrow at go cars.
Wheat figures indicated weakness, but
aside from a break in July the market
held up fairly well under the load Of grain
pouring into all markets from the coun-
try The cash demand was poor. cables
were much lower and good conditions
were reported abroad. Receipts were
larger and estimates for tomorrow mucn
increased The sentiment generally was
bearish and was augmented by the
amount OF contract stuff turned out for
July contracts today by private elevators.
Worlds shipments also were increased. /
The general feeling in wheat was that the
quantity Of wheat coming 10 this center
wSs becoming very burdensome. Still
shorts were cautious. Duluth worked |
twenty carloads OF stuff direct for ex-
port. The weather map was still show /
cry. and. although not very unfavorabIe. |
was still far from ideal CIearances from |
the seaport were unprecedented and |
-four totaiing 26l.c00 bushels. After there |
had been a dip all around soue small buy /
ing by influential houses turned Septem
Der back and helped July a tribe. Posi- /
bly, the best influence was good buying 4
here by the northwest September opened /
a shade TO 1sdAs cent down al us cents /
10 Il cents. dipped to 70Ss cents and closed /
easy = cent down at 707sGu cents Local /
receipts were 256 cars. u contract grade. /
Minneapolis and Duluth reported 40 cars. |
making a total for the three points OF 81 4
cars, aginst 4ss cars last week and 81 /
cars a year ago. Primary receipts were /
J. $50. 600 bushels. against 15060l0 bushels /
last year. The visible supply decreased
] 1900 bushels Worlds shipments were
{. $40. 900 bushels, compared TO 5.655.o oo bush
els last week and s.9s3 900 bushels last
y ear.
Corn was only active in spurts and was
hammered into weak condition. Re
ceipts were fairly liberal. bur estimates
for tomorrow were very heavy at 80 cars.
Selling was general. and a good many
stop loss orders came out. Profit taking
was the principal influence that steadied
the market after the early weakness Ca
bies were weak crop reports were good.
and a bearish sentient prevailed.
The demand was light all day. and tho
only support came from the party that
was buliins July and had gone short Of
September as q hedge Buying on the
helped prices July sold between 3 and
j cents ard closed weak cents lower az
hat figure. September sold from 59l. 70
IS cents and closed weaH rs cents down
x SIS cents. Receipts were IL cars
Provisions were inactive and declined
somewhat on free outside liquidation and
70 sympathy with the corn dip. Coed
,uvlns u lard early sustained prices fcr D
tine. but the close vas weak. Hog prices
Tere steady 10 firm September pork
,loSed 20 cents down ~ sl7-az'z. Septen-
eer lard cents lower II Sl2.72ls. ard sep
emse- ribs cents down az SOS
Estimated receipts fo- tomorrow are.
wheat IS cars. cc-a 81 cars. oats. OF
ars. hogs. -1as head
GRAIN AND PRODUCE MARKETS I
Chfr-r-