The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-07-20
GY MNASTICS IN OATS
The Shorts Seem thoroughly Alarmed
Over the Dubious Outlook.
JULY OPTION HELD BACK.
Price of the Standard Cereal Higher
Than II Has Been Since 1874.
WILD SCENES IN GRAIN PITS.
Traders Found II Impossible 10 Cover
Outstanding Contracts.
GATES DEAL IN CORN A PARALLEL.
Many Spectators Preferred to Take
Their Losses in the Pit Even at tho
Big Advance.
WILD SCENES IN GRAIN PITS.
Traders Found II Impossible 10 Cover
Outstanding Contracts.
GATES DEAL IN CORN A PARALLEL.

Chicago, July 19.--Standard July oats
sold today for Coo. the best price that
cereal has brought since 1874. For price
gymnastics that grain carried or the palm
on change and was easily the lead from
the opening. The price Of that option
passed the present mark on the opening
trade and later babe fair to pass the July
corn record.
AT the top It was selling at 65c. It closed
ut 6414c, with gain On tho day OF
7isc. The trade was not large, but pit
offerings we're very hard TO lind and harder
to get. The buying of ave" or ten"
put the market up from i5c to &c. Shorts
seemed thoroughly scared over the dubious
outlook. Their chances of getting hold of
cash oats to deliver OH their contracts
seem less likely as the days passed aud
many prefer to take their losses IN the
pit even at the big advance. To-day the
market looked as II there WIS long line
OF new July oats being held back by
some unknown Spectator. About the only
offerings which came out We're through
commission houses and seemed 20 be the
taking OF profits by small holders. The
talk Of late has been that James A. Pat
ten, mayor of Evanston, and Of the May
oat deal fame. holds from 100000 TO
1 SOC, GOO bushels OF standard" July oats.
The firm Of Bartlett, Frazier & Co. is also
named ms a good holder of new July oats.
Whoever the holder Is. II looks certain
that there will be enormous profits. consid-
ering the comparatively small line supposed
to he held. There seems to he no nossl-
bility of a heavy influx Of the new contract
grade OF oats such as that which troubled
the July corn hrIls. stots,t everywhere
are especially nil and the new crop move
ment and grading hive been seriously cut
down by the excessive rains OF the last
month.
1t was very exciting session of the board
Of trade.
Yesterday trade in oats on the local er-
change was very much excited Today It
almost reached panic. From the first tap
of the starting gong terror iled the hearts
of the bears In the oats pit. Reports during
the last end of June and early July indi-
Gated an excellent harvest OF oats. Shorts
who had been pinched little early in July
options determined to hang out for reac
tion when good weather arrived. Stocks
Of old oats became rapidly depleted under
constant good cash demand. Mayor Pat
ten OF Evanston has undoubtedly cornered
oats and done 1t SO successfully that there
is no corpse" of big cash supplies TO bury
Today only eighty-one cars of all kinds
of oats arrived and only twenty eight carr
were of contract grade, Shorts bid fol
| what little stun there was offered. Tho
bulls believed prices would go still higher
and chief Of these bulls was Mayor Patten
who has a tight hold on nearly 100000
| bushels of new July. Most OF this supply
Of short contracts WAS bought around ~
cents. The crowd figures that only proht'
are possible to the bull clique. July new
| opened u higher than last nights close
at 60 There was some haggllng for short
time and then In jumps Of l or cents ai
a time the price bounded 10 60. Here anc
there longs liquidnted for good profits, bu
the close was very strong and congested
| IA cents gain for July for the day nj 64la
September felt the Influence of the Jul!
strength aud made fair gains, closing hall
| up at 81.