Omaha daily bee., 1902-07-27
COMMERCIAL AND FINANCIAL
July Oats Plunge Blihdly to Pify-hvs, but
Immediately Bounce Up.
CLOSE, HOWEVER, is BADLY DEPRESSED
other Cereals Have Poor nay, Whea
railing weak and Corn Lower,
while Provisions Also
Drop on.

CHICAGO. July 2s.-wnd and Jagged
fluctuations in new July oats held %specula-
tors on change spellbound today. IN
twenty minutes the cornered option slumped
161hc, and in as many minutes more there
was a rally of 12c. The gyrations resulted
from a rumor that the Patten deal in July
options had been settled and from the
almost immediate contradiction of the same
story, predicted heavy receipts Tor next
week in all grains, but especially In oats,
had much TO do with the besrlsh sentiment
break started. The depression spread into
the other pits and although traders were
an IL fss as Ju ~ e optiO nss' in pG al shre e' PITS,
yet at the end Of trade prices were all
rather bearishly demoralised. July oats
lost SIC, September oats 1qlHc, July wheat
&c, September wheat 1tsqlMc, July corn
2lbc and September corn 1c. Provisions
closed ThG15c lower.
the oats pit looked very sensational, yet
the actual business in the pit was nothing
unusual. Excitement naturally ran high
to the board following. At the start there
was some weakness In both July and sep
tember options, Influenced by better re-
ceipts, fair weather, or at least weather
fairer than the general conditions Of late,
and expectations we're that a heavy general
movement of oats to his center ero M9uid
knock July down l6c. and in fluctuations
Of &c and &c at a 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 100000 bu.
with the shorts at something near Dc.
Others said that cash houses had big con-
signments due here ext week and were
selling at the fancy price against them.
Still others said the little shorts were in
and tina the light selling was simply a
feeler by the Patten clique would be on
the market and on the shorts. II is con-
ceded that the big shorts did not settle
II, however, that nearly all the shorts
covered. Mr.. Patten said he had made no
settlements. Natural conditions were such
as to warrant a good break In prices once
the July deal was out of the way. Crop
reports were exceptionally favorable. Natu-
rally all the deferred months felt the In
up at Tic on a little bidding. Prices sagged
to soc at once on offerings, but did not
begin It's big SLUMP IN 2 until TIL about bout. m %as waSR
SIC under. at SIC. September opened a
shade up TO a shade down at 34&@34c, broke
to 32hc, and closed 1Q1hc down at SSc. Re-
some time at ga cars, 40 Of contract grade.
Wheat ruled weak. Light contract grad
ing, higher cables and rains In the Ne
braska harvest fields had only a temporary
bracing effect. Large receipts in the SOUTH
west started selling and closing out a good
long line of July stun caused a big drop In
that option. The bearish sentiment spread
into other months and selling was general
and heavy At no time was there good
ketfs depression, both in oats and corn
was additional cause for and a
weak close was the result. AT no time
follow the only real bullish i~neentive-loW
grading. This was too heavily offset by
the movement. 70 market and by the de.
moralized condition of the market for low
grade stun. st. Louis bad over 10000 bu
today and Kansas City about 10000. The
latter point expects over 10000 blu; Monday
cfosed &c lower at 7s1ic. September Opened
h@Ac. up on the carly bullish news, slnIapet
| 20 T1L0 and Cl0aad weak. A6I&C down, nj
1h@7iAc. Local receipts were 2S1 cars
eight OF contract grade. Minneapolis and
Duluth reported 20 cars E; making 2 tot q
last week and 466 a year ago. Primary
receipts were l,lOS, 0Oq buc compared e
$4,000 blu. a year ago. seaooard c~learanee'
Corn prices melted away and ruled lower
all day. 1t was not so much a matter OF
nevis e, as al ,d no , SSppo the '9 fast ct tSst Jun Sh,
options eased materially at the start there
were bearish advlces that depressed thu
SStssT m WITH the Tine msnRTp 5S tS'n0 of f the mar
kets so much in evidence as today II wal
needless to look outside for the explanation
Of the decline ss, July rS opened &c STwn s e,
down. at CSC. The decline stopped. on thu
buying of a few Owes" Altogether th'
han i5O'ooO bu' September opened haHC
up at 60M@6Ohc. sold down to 5S%c anC
closed weak. 1c down, at 59hc. Receipts
were 27S cars.
Provisions. after a steady opening On Z
firm hog market, on general sell
ing and lack of support. The grain tumble
Little interest was shown in this pit. sep
TENDER pork closed nc down at 1880
September lard 15c down at H077h anC
September ribs 10c on at 1000.
Estimated receipts for Monday: Wheat
24O cars; corn 100 cars; oats, 295 cars; hogs
q. 900 head.
The leading futures ranged as follows;